A delegation of the Council of Europe's Committee of Experts for the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) carried out an onsite visit to Cyprus from 13 to 24 May 2019.
The delegation was composed of MONEYVAL experts with a legal, law enforcement and financial background and supported by members of the MONEYVAL Secretariat. The delegation has been received by the Governor of the Central Bank of Cyprus and the Advisory Authority on anti-money laundering and counter-terrorist financing (AML/CFT), co-chaired by the FIU and the Minisitry of Finance. The delegation met with the authorities responsible for Cyprus's AML/CFT system (i.e. competent ministries, criminal justice and operational agencies, financial sector bodies and supervisors of businesses and professions with AML/CFT obligations). The delegation also held meetings with a great number of private stakeholders (e.g. financial institutions, trust and company service providers, lawyers, real estate agents and casino) and representatives from non-profit organisations.
The delegation is tasked with analysing – in the form of a mutual evaluation report - Cyprus’s level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of Cyprus’s AML/CFT system, and with providing recommendations on how the system could be strengthened.
The report will be scheduled for discussion and adoption at MONEYVAL’s 59th Plenary meeting (3-6 December 2019).