Moneyval asks for regulation beyond Banks

For the second week in row Cyprus's financial and regulatory practices are under the microscope of the Moneyval Committee of the Council of Europe.

The committee is tasked with assessing compliance with the principal international standards to counter money laundering and the financing of terrorism, the effectiveness of their implementation, as well as with the task of making recommendations to national authorities in respect of necessary improvements to their systems.

Reportedly on Friday all scheduled meetings will be completed and the report is expected in September 2019.

According to Kathimerini sources the Council seems to be satisfied with the improvements and rules that the Cypriot banking institutions have adopted.

Kathimerini has also learned that specific guidelines are being prepared to regulate other professional groups that are currently in a 'grey zone' in terms of compliance.

Procedures and practices have been put in place to minimize risk focusing on staff training and the development of an appropriate due diligence culture, while the recent Central Bank Directive on shell companies further reinforces ongoing efforts to identify unacceptable practices. US Assistant Secretary for Combating Terrorist Financing Marshall Billingslea was in Cyprus last month where he expressed the view that Cyprus has made enormous progress in this area.