Cyprus Falls Short in Anti-Money Laundering Regulations, Says Global Watchdog

The Financial Action Task Force (FATF) has recently evaluated Cyprus’ anti-money laundering regulations, raising concerns about the country’s ability to combat financial crime. The assessment was conducted using the 2012 FATF Recommendations and a methodology developed in 2013.

Evaluation Methodology

The evaluation team reviewed information provided by Cyprus as well as gathered during an on-site visit to the country. While details of the report remain scarce, insiders confirm that key findings and priority actions have been endorsed by the FATF.

Shortcomings Identified

According to sources, the evaluation highlighted areas where Cyprus falls short in its efforts to prevent money laundering and terrorist financing.

Key Findings

• The full report is expected to shed light on the country’s shortcomings
• Details of the report remain scarce at this time

Priority Actions

The FATF has endorsed key findings and priority actions, which are expected to be outlined in the full report. This will provide a roadmap for Cyprus to improve its anti-money laundering regulations and combat financial crime.

Note: The full report, including an executive summary highlighting the country’s shortcomings, is expected to be released soon.