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12-02-2020 11:47

Written Statement by the Minister of Finance Mr. Constantinos Petrides on the Mutual Evaluation Report of Cyprus by the MONEYVAL Committee

The Ministry of Finance welcomes the publication of the Mutual Evaluation Report of Cyprus by the MONEYVAL Committee of the Council of Europe. The Report reflects the progress and the measures adopted by Cyprus to combat money laundering in recent years and identifies areas where further improvements are needed.

 MOVNEYVAL’s assessment is a very demanding exercise with very few countries achieving high results.  Within this background, the assessment shows a very satisfactory picture of the implementation of the measures, with Cyprus being one of the 25 countries out of the 98 that have been subjected to this assessment and which do not exhibit a low rating on any of the 11 pillars evaluating the effectiveness of the measures. At the same time in the Technical aspects of the Report, Cyprus exhibits Compliant or Largely Compliant ratings on almost all 40 parameters and none Non - Compliance rating.

It is noted that the purpose of the Report is be a tool for improving the measures against money laundering and contribute to the international effort to combat the phenomenon, for which Cyprus has shown its commitment to implement strong policies, against money laundering and terrorist financing activities.

The Ministry of Finance and the Government are committed to implement all recommendations which are largely consistent with the findings of the National Risk Assessment Report on AML/CFT as well as with the Action Plan and Strategy Plan prepared by the Authorities and approved by the Council of Ministers.

The Ministry of Finance wishes to thank all the stakeholders involved and who contributed to this demanding work, the evaluation team and the MONEYVAL Committee for their hard work, which we reaffirm, for the commitment of the Ministry of Finance and the State to implement all its recommendations.