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Council of Europe’s assessment report on Cyprus’ measures and systems for AML/CFT

Cyprus was subject to an evaluation by the “Moneyval” Committee of the Council of Europe for the third time between 3 and 9 April 2005.
The assessment report was adopted at the 18th Plenary Meeting of the Council of Europe’s “Moneyval” Committee held in Strasbourg between 31 January and 3 February 2006. The assessment report was based on Cyprus’s laws and regulations as well as other information and details provided by the various competent
authorities and bodies of the public and private sectors during the evaluation team’s visit.
As far as the FAFT Recs are concerned, Cyprus was assessed and rated for its level of compliance against the 49 Recommendations of the Financial Action Task Force (“FATF”).
The ratings are based on five levels: “Compliant”, “Largely Compliant”, “Partially Compliant”, “Non Compliant” and “Non Applicable”
Cyprus complies with 17 Recs, and is largely compliant with 22 Recs.
Cyprius complies partially with 10 Recs.
Therefore, Cyprus scores 39, against Belgium’s 41, Hungary’s 39, Slovenia’s 38, Switzerland’s 32, Norway’s 31, Ireland’s 28, Sweden’s 27 and Australia’s 26. It is also very important to note that Cyprus has not registered any “Non-compliant” ratings, whereas Australia has 10 such ratings, Ireland 5, Sweden 5, Norway 4, Switzerland 3, Slovenia 2, Belgium1 and Hungary 1.

See assessment

See comment from the Central bank of Cyprius on the assessment

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