The Republic of Cyprus has adopted all international measures against the legalisation of income from illegal activities and the relevant Cypriot legislation is strict, the Ministry of Justice said recently in a press release.
The press release was a reaction of the ministry to a report in the The Times over claims against Cyprus that it is in breach of rules for the legalisation of income derived from illegal activities.
According to Nicosia, the measures implemented by the Republic of Cyprus, both legislative and in practice, are reviewed by the Moneyval Committee of the Council of Europe, the counterpart of the Financial Action Task Force (FATF) and its reports are published in the Council of Europe’s website.
“Up to date, four such reviews of the entire system of Cyprus in this area have taken place and it has been established that the measures the Republic of Cyprus takes are in full compliance with the international measures,” the press release says.
The authorities of Cyprus, an EU member state, follow and implement the acquis communautaire on both preventative steps and measures to combat the legalisation of illegal proceeds and freeze or confiscate such proceeds.
The Justice Ministry further points out that the report that a British MP has asked for Cyprus “to be rated ‘non-compliant’ with EU money – laundering rules” is surprising “since the cooperation between Cyprus and the United Kingdom in this area is considered to be very close and effective by both sides.”
Further, as regards “the Hermitage case for which the report alleges that Cypriot authorities did not conduct a proper investigation of allegations of fraud and blocked assistance to the French authorities the Ministry rejects these allegations as completely groundless and informs that the investigation on the part of Cypriot authorities is open and ongoing while the cooperation with French authorities for executing their request is underway without any problems,” the press release says.
Source: Famagusta Gazette