Combating Money Laundering and Terrorist Financing: CBC Takes Tough Stance
The Cyprus Broadcasting Corporation (CBC) has announced a range of measures aimed at combating money laundering and terrorist financing in the country. This effort is part of the Central Bank of Cyprus’ (CBC) commitment to comply with international standards and regulations.
Financial Sanctions Imposed
Under the AML/CTF Law, the CBC is empowered to impose financial sanctions on individuals or entities found guilty of money laundering or terrorist financing. These sanctions can include:
- Financial fines
- Amendment or revocation of a licence
- Cessation or removal from a position of responsibility
- Other administrative penalties
Targeted Financial Sanctions
The CBC is responsible for implementing targeted financial sanctions imposed by the United Nations Security Council (UNSC) and the European Union (EU). These sanctions aim to prevent individuals and entities involved in terrorism or terrorist financing from accessing the financial system.
National Risk Assessment
As part of its efforts to combat money laundering and terrorist financing, the CBC has conducted a national risk assessment. This exercise identified deficiencies in the regulatory framework and effectiveness of procedures followed by stakeholders involved in combating these threats. The National Risk Assessment Report was published in November 2018.
Follow-up on Recommendations
The CBC is committed to implementing recommendations included in the National Risk Assessment Report. The follow-up report, published in January 2022, highlighted some improvements made by the Cypriot authorities while also identifying areas that require further attention.
International Cooperation
The CBC emphasizes the importance of international cooperation in combating money laundering and terrorist financing. The organization has engaged with other countries, financial institutions, and regulatory bodies to share information and best practices in this area.
Useful Links and Resources
For more information on the measures taken by the CBC against money laundering and terrorist financing:
- CBC Directive for the prevention of money laundering and terrorist financing (fifth edition)
- Prevention and Suppression of Money Laundering Laws of 2007-2021
- 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
For more information on targeted economic sanctions:
- Official Journal of the European Union
- United Nations Security Council Resolutions
- United Nations Security Council Sanctions Committees
- United Nations Office on Drugs and Crime
For other useful information sources: