Are measures against money laundering up to date in Cyprus?

Friday, 27 October 2017 in a press release the Ministry of Justice stated that the Republic of Cyprus adopted all international measures against the legalisation of income from illegal activities and the relevant Cypriot legislation is very strict. The Ministry of Justice mentioned how Cyprus is stricter in certain areas than the legislation in place in other countries.

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. The press release stated that “it has been established that the measures the Republic of Cyprus takes are in full compliance with the international measures”.

Being an EU Member State, the authorities of Cyprus follow and implement the Acquis Communautaire, ‘The Acquis Communautaire is the accumulated body of European Union (EU) law and obligations from 1958 to the present day. It comprises all the EU’s treaties and laws (directives, regulations, decisions), declarations and resolutions, international agreements and the judgments of the Court of Justice’ on both precautionary steps and measures to combat the legalisation of illegal proceeds and freeze or confiscate such proceeds.