Announcement of the Advisory Authority for Combating Money Laundering and Terrorist Financing on the publication of the Evaluation Report of Cyprus by MONEYVAL
The Advisory Authority for Combating Money Laundering and Terrorist Financing welcomes the publication of the 5th Round Mutual Evaluation Report (MER) of Cyprus by the MONEYVAL Committee of the Council of Europe – the Committee of Experts of the Council of Europe on the Evaluation of Anti-Money Laundering Measures and the Counter Financing of Terrorism (AML/CFT).
The assessment, conducted on the basis of the robust FATF methodology by a team of international experts, reflects the measures adopted by Cyprus in the fight against money laundering and terrorist financing over the recent years and identifies areas where further enhancements and improvements are needed. All stakeholders engaged in combatting money laundering and terrorist financing have demonstrated to the assessors the commitment in implementing solid policies to reinforce the anti-money laundering and counter terrorist financing system of Cyprus.
The recommendations included in the MER by and large are aligned with the first National AML/CFT Risk Assessment and the resulting Action Plan and Strategy that have been endorsed by the Council of Ministers in November 2018 and March 2019 respectively, as well as by all stakeholders. The National AML/CFT Strategy is attached.
The MER highlights the following positive attributes of Cyprus’ anti-money laundering and counter terrorist financing measures:
Some of the areas in need of improvements and further attention with relevant recommendations as identified in the MER are the following:
It is noted that the 5th Round of evaluation by the FATF standards is a very demanding exercise with very few countries achieving high results. Cyprus is one of 25 countries out of 98 undergone this assessment which do not have a low evaluation grade in any of the eleven pillars composing the effectiveness assessment. Cyprus AML/CFT measures have been assessed as substantially effective in three out of the eleven effectiveness pillars and moderately effective in the remaining eight. On the technical compliance, Cyprus has achieved Compliant or Largely Compliant ratings in most of the 40 parameters with only two partially compliant ratings and none non-compliant rating. The Advisory Authority expresses its satisfaction that Cyprus’ MER, reflects the efforts of the authorities and all stakeholders in the fight against money laundering and terrorist financing, within the international community.
The Advisory Authority wishes to thank the assessment team and MONEYVAL for their dedication and hard work in completing the evaluation and wishes to confirm that the competent Authorities remain fully committed in pursuing all the recommendations issued in the MER.
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