CYPRUS said yesterday it was pleased with the Council of Europe’s latest assessment on the island’s measures and systems for the combating of money laundering and terrorist financing.
Government spokesman George Lillikas said the report’s findings were very good for Cyprus in terms of the measures that have been taken by the state and considering the strict criteria used by the CoE.
The assessment was based on Cyprus’ 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 to the island.
This is the third time that Cyprus was subject to an evaluation by the “Moneyval”
Committee of the Council of Europe.
“In the previous two evaluations, carried out in April 1998 and September 2001, the island was highly commended for the comprehensive and sound manner in which it adopted measures for combating money laundering in accordance with the prevailing international standards and was congratulated for the very comprehensive legal framework put in place,” the report said.
In the report Cyprus is assessed and rated for its level of compliance against the 49 Recommendations of the Financial Action Task Force on Money Laundering (FATF). The ratings are based on five levels: “Compliant”, “Largely Compliant”, “Partially Compliant”, “Non Complaint” and “Non Applicable”.
Cyprus was fully compliant with 17 of the 49 recommendations, largely compliant with 22 and partially compliant with 10.
Cyprus scores a total of 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,” the Moneyval report said.
“The Cyprus authorities have demonstrated resolve to reduce the vulnerability of
financial institutions and designated non-financial business and professions to
money laundering. The Cyprus Financial Intelligence Unit (“MOKAS”) and the
Central Bank of Cyprus have been particularly active in this respect. It was apparent to the evaluators that the supervisory authorities and financial institutions they interviewed took their anti-money laundering activities seriously.”
Lillikas said that with corresponding reports from other international organisations the overall view of Cyprus was judged very positively.
Table of compliance with 49 recommendations
Cyprus
Australia
Belgium
Hungary
Ireland
Norway
Slovenia
Sweden
Switzerland
Compliant
17
12
21
27
15
13
17
5
11
Largely Compliant
22
14
20
11
12
18
21
19
21
Partially Compliant
10
13
6
9
14
12
7
17
13
Non-Compliant
0
10
1
1
8
4
2
5
3
