Cyprus has further reinforced its system for preventing money laundering and combating terrorist financing, according to the follow-up report published today by MONEYVAL, the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism.

The report concludes that Cyprus has made progress to address technical compliance deficiencies related to correspondent banking under the Financial Action Task Force (FATF) standards. As a result, the rating for Recommendation 13 has been upgraded to “Largely Compliant”. Cyprus also has reported progress on the Recommendation 8 (non-profit organizations), however, as moderate deficiencies persist, the rating remains “Partially Compliant”.

Overall, out of the 40 recommendations, Cyprus is currently rated as:

• Compliant on sixteen recommendations;
• Largely Compliant on twenty-two recommendations;
• Partially Compliant on two recommendations.

None of the FATF recommendations are assessed as non-compliant.

The MONEYVAL onsite visit to Cyprus for the 6th round mutual evaluation will take place in October 2028. Taking this into account and applying its rules of procedure, MONEYVAL has decided that Cyprus will no longer be subject to the fifth-round follow-up process.

* * *

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. MONEYVAL evaluates 33 states and territories  (*) and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing.