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articles | 06 March 2013

Evaluation of Cyprus anti-money laundering legal framework to begin in mid March

Unit for Combating Money Laundering (MOKAS) Head Eva Papakyriakou has said that an evaluation of Cyprus’ legal framework on combating money laundering and its implementation is expected to begin in mid March, noting that the evaluation concerns only the financial system.

Papakyriakou and Central Bank of Cyprus Supervision Department Assistant Director met Wednesday with Troika officials to discuss the forthcoming evaluation of Cyprus policies aimed at combating money laundering.

Papakyriakou said that they did not enter into details, but they just discussed the process to be followed. We will have certain contacts with MONEYVAL (Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, since I represent Cyprus at this Committee, and relevant arrangements will be made, she added.

Asked it a deadline has been set up as regards the beginning of the evaluation, Papakyriakou referred to statements by Finance Minister Michalis Sarris that the evaluation is expected to begin in mid March and finish by the end of March.

Asked about the terms of reference for the evaluation, Papakyriakou said that that the Ministry of Finance is dealing with this issue.

Replying to another question, she noted that “we are optimistic because our legislation is very sufficient and is implemented in practice.”

“This is the whole idea. To prove that there is nothing to worry about as regards Cyprus, that we are not in a disadvantaged position compared to other countries as regards the implementation of international measures,” she said.

According to information the evaluation is expected to begin March 12-13.

Excluded from international capital markets, Cyprus has requested financial assistance from the EU bailout mechanism after its two largest banks sought state aid following massive losses of their Greek bond holdings estimated at €4.5 billion, as a result of the Greek sovereign debt haircut.

Source: Financial Mirror

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