According to the follow-up report released today by MONEYVAL, the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Funding of Terrorism, Cyprus has strengthened its system for preventing money laundering and fighting terrorist financing. According to the Financial Action Task Force (FATF) guidelines, Cyprus has made strides toward resolving technical compliance issues with correspondent banking. Consequently, Recommendation 13’s rating has been raised to “mostly compliant.” The grade is still “mostly compliant” despite Cyprus’s declared progress on Recommendation 8 (non-profit organizations), which still has moderate flaws.
