Cyprus’ anti-money-laundering efforts
Cyprus has recorded some progress in improving its level of compliance with Financial Action Task Force (FATF) standards on combating money laundering and the financing of terrorism, but moderate shortcomings remain, the Council of Europe’s Committee of Experts on Money Laundering and Terrorist Financing (Moneyval) said on Friday.
In its second enhanced follow-up report (FUR), Moneyval said the Cypriot authorities took further measures aimed at improving the level of compliance with the FATF recommendations concerning nonprofit organizations, virtual asset services providers and powers of investigative and law enforcement authorities, however, moderate shortcomings still remain.
The report said that overall, while Cyprus has made some progress in addressing the technical compliance deficiencies identified in its mutual evaluation report and first enhanced FUR, it has not been re-rated on any of the FATF recommendations for which it has a partially compliance rating.
According to the report, further steps have been taken to improve compliance with recommendations 8, 15 and 31 since adoption of the first enhanced FUR, but some gaps remain.
