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21 July, 2024
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Moneyval eyes lawyers and accountants

Council of Europe satisfied with regulatory progress of Banks, turns attention to financial services providers


The Council of Europe's committee for the evaluation of anti-money laundering measures and the financing of terrorism Moneyval is focusing on streamlining the regulatory framework for providers of auxiliary financial services in Cyprus.

Kathimerini has learned that the committee in its report will recommend guidelines for the regulation of professional services provided by law and accountancy firms. 

A Moneyval delegation carried out an onsite visit to Cyprus from 13 to 24 May 2019. The delegation was composed of experts with a legal, law enforcement and financial background and supported by members of the Moneyval Secretariat.

The delegation reportedly was satisfied with the implementation of regulations by financial institutions noting improved compliance with the new regulatory framework

The report is due in December however a preliminary report will be shared with the Cypriot authorities in September. 

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