The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) published a third follow-up report and technical compliance re-rating of the anti-money laundering and counterterrorist financing (AML/CTF) regime of Cyprus.

According to the report, Cyprus has improved its measures for tackling money laundering and combating financing of terrorism. The report found Cyprus to have improved its compliance with the Financial Action Task Force’s Recommendations 15 (New technologies). It also noted progress towards improving its level of compliance with Recommendation 8 (non-profit organisations).

Whilst Recommendation 8 remains Partly Compliant, Cyprus has been re-rated on Recommendation 15 from Partially Compliant to Largely Compliant.

Overall, Cyprus has made progress in addressing most of the technical compliance shortcomings identified in its 2019 Mutual Evaluation Report. Out of the 40 Recommendations, Cyprus currently has:

• 16 Recommendations rated Compliant.
• 21 Recommendations rated Largely Compliant.
• 3 Recommendations rated Partially Compliant