The Council of Europe’s MONEYVAL Committee today published a report on measures to combat money laundering and terrorist financing in Cyprus, following an on-site visit last year (June 2010).
Findings from the evaluation report include:
· Since the third round, Cyprus has taken additional measures to fight money laundering and financing of terrorism, through the enactment of legislation and sector-specific norms, which have addressed most of the issues raised in the course of the previous evaluation.
· Cyprus has criminalized money laundering and the financing of terrorism largely in line with the standard set by the Financial Action Task Force. The number of convictions for money laundering has increased and helpful case law on freezing and confiscation has been established.
· Overall, the financial sector appears to be adequately monitored, although the noticeable decrease in the past years of the number of on-site visits in some parts of the financial sector is of concern. As regards designated non financial businesses and professions, supervision needs stepping up with additional resources allocated to the relevant supervisory authorities.
Detailed news link: here
Detailed report link: here
