Moneyval: Cyprus's progress in the anti-laundering efforts

A new evaluation report by the Council of Europe's Committee of Experts on Anti-Money Laundering Measures (Moneyval), published, states that Cyprus has gained recognition for its efforts to fight money laundering and terrorist financing.

The report shows Cyprus's progress in complying with the criteria set out by the Financial Action Task Force (FATF), specifically focusing on new technologies (FATF Recommendation 15) and non-profit organisation monitoring (FATF Recommendation 8).

Significantly, Cyprus has strengthened regulations pertaining to companies that provide virtual asset services, resolving most issues while leaving others unanswered. Though not yet completely realised, efforts are being made to assess how susceptible the nonprofit sector is to financing terrorist and to improve oversight functions.

Recommendation 15 is now classified as "largely compliant" instead of "partially compliant," reflecting an improvement in Cyprus's compliance rating. Recommendation 8 is still only "partially compliant," however overall, the technical compliance flaws found in the 2019 evaluation have been addressed.

Cyprus has made significant progress, scoring 16 out of 40 recommendations as Compliant, 21 as Largely Compliant, and 3 as Partially Compliant.

Moneyval recognises Cyprus's dedication to resolving technical compliance concerns in the given period. Cyprus is committed to fighting money laundering and counter-terrorist financing efforts, as evidenced by its plans to report its progress to the Commission in May 2025.

The government appreciates progress

The government of Cyprus welcomed Moneyval's Progress Report with full support, recognising the country's notable progress in bringing itself into compliance with international standards regarding money laundering and terrorist financing.

The Presidency stresses Cyprus's accomplishments in living up to global expectations and points out the country's will to uphold such standards.

The Ministry of Finance promises to keep up its efforts to reduce risks and stop illegal financial activity while expressing appreciation to all parties participating in the successful fight against illicit finance.

Cyprus's proactive stance emphasises its determination to maintain strict anti-money laundering and counterterrorism financing regulations, ensuring an orderly financial system.