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Subject:Moneyval will visit Cyprus during May in order to evaluate and assess the AML/CFT
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has commenced its fifth round of anti-money laundering and counter-terrorist financing (AML/CFT) mutual evaluation of the Republic of Cyprus in cooperation with the national regulatory and supervisory authorities.

MONEYVAL is a permanent monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and 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.

Moneyval will visit Cyprus during May 2019 in order to review and assess the level of compliance of Cyprus’s AML/CFT framework with the FATF 40 Recommendations on Combating Money Laundering and the Financing of Terrorism & Proliferation and the level of effectiveness of Cyprus’s AML/CFT system, providing recommendations for strengthening Cyprus’s AML/CFT system, if required.

MONEYVAL’s assessment team will conduct an on-site visit to Cyprus during the forthcoming May and will have individual meetings with the relevant competent authorities. During its on-site visit, MONEYVAL’s assessment team is expected to hold individual meetings with a sample of obliged entities.

All relevant competent authorities and the government of the Republic have been for a few months now preparing for this evaluation.

The forthcoming evaluation by Moneyval is of paramount importance for the country and the economy.
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