Cyprus: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 077

Publication date: February 2007

ISBN: 9781451809916

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Public Finance , ISCR , CR , guidance note , due diligence , beneficial owner , Cyprus authorities , investment enterprise , firm commitment , UCITS management firm , firm belief , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Money laundering , Terrorism financing , Legal support in revenue administration , Europe

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Summary

This report reviews the Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations on Anti-Money Laundering and Combating the Financing of Terrorism for Cyprus. The report highlights that the Cypriot authorities have demonstrated resolve to reduce the vulnerability of financial institutions and designated non-financial businesses and professions to money laundering. The Cyprus FIU (MOKAS) and the Central Bank of Cyprus have been particularly active in this respect. Since the Second Round Evaluation, both authorities were reinforced and are now adequately staffed.