CBC Takes Action Against Money Laundering and Terrorist Financing
The Central Bank of Cyprus (CBC) has taken decisive measures to combat money laundering and terrorist financing, utilizing its legal authority under the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Law.
Targeted Financial Sanctions
In April 2016, the CBC implemented the provisions of United Nations Security Council Resolutions and European Union Council Decisions and Regulations (Restrictive Measures) Law. This law aims to prevent the use of the financial system for money laundering or terrorist financing.
The CBC has also issued a sanctions directive outlining procedures for implementing targeted economic sanctions against individuals and entities suspected of involvement in terrorist activities or other serious crimes.
National Risk Assessment
In November 2018, the Ministry of Finance published the National Risk Assessment Report, identifying deficiencies in the regulatory framework and effectiveness of procedures for combating money laundering and terrorist financing. The CBC will actively participate in the next round of the National Risk Assessment to identify areas for improvement and implement corrective action.
Useful Links
For more information on AML/CFT measures and sanctions:
- CBC Directive for the Prevention of Money Laundering and Terrorist Financing (5th edition)
- Prevention and Suppression of Money Laundering Laws 2007-2021 (unofficial consolidation)
- Implementation of the Provisions of the Resolutions or Decisions of the United Nations Security Council (Sanctions) and of the Decisions and Regulations of the Council of the European Union (Restrictive Measures) Law 58(I) of 2016
- CBC Sanctions Directive
- National Risk Assessment Report
For more information on international organizations and regulations:
- Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)
- European Commission
- European Banking Authority
- Basel Committee on Banking Supervision
- Financial Action Task Force (FATF)
Other Useful Information Sources
For more information on AML/CFT measures and sanctions: