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14 June, 2024
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Cyprus bolsters anti-money laundering arsenal

Government embraces progress and pledges vigilance in the fight against illicit financing

Newsroom / CNA

The Cyprus government has reaffirmed its steadfast dedication to upholding international standards in combating money laundering and terrorism financing, as outlined in a press release by the Presidency of the Republic. The statement expressed satisfaction with the Progress Report issued by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) of the Council of Europe.

The report highlights substantial progress and adherence by the Republic of Cyprus to Moneyval's recommendations concerning money laundering and terrorism financing. Particularly noteworthy is Moneyval's acknowledgment that Cyprus has met general expectations and has substantially corrected and complied with the majority of international standards by 2023.

Emphasizing its ongoing commitment, the government pledges to maintain compliance with international standards and to implement necessary measures to ensure Cyprus meets all requirements in combating money laundering and terrorism financing.

In addition to the Presidency's statement, the Finance Ministry issued a press release welcoming the report's findings. The Ministry affirmed the government's dedication to minimizing risks and addressing illicit financing practices. Special recognition was extended to Cyprus' Financial Intelligence Unit (MOKAS) and other supervisory authorities, the Police, and the Ministry of the Interior for their successful efforts in combating illicit financing, as highlighted in the report.

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