After Moneyval, the European Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism had warned that Cyprus could turn to a safe haven for black money movement, the Cyprus casinos has responded by stating its commitment to welcoming a strong and compliant regulatory framework. The Cyprus Casinos also known as C2 said its modus operandi is in line with the regulations of the Eastern Mediterranean country’s authorities. The Moneyval committee which is answerable directly to the Committee of Ministers said C2 was currently operating beyond the limits of its AML/CTF compliance and risk management system. Based on this fact, Moneyval recommended blocking of C2 from expanding its gambling activities until it shows readiness to demonstrate such effectiveness.
