The Central Bank of Cyprus has announced that it intends to carry out a comprehensive national risk assessment of measures to combat money laundering and terrorist financing.
In line with Cyprus's commitment to reinforce the fight against the use of the financial sector for money laundering and terrorist financing and in line with the international standards set by the Financial Action Task Force (FATF) and relevant European directives (particularly the fourth Directive of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing) the Central Bank of Cyprus will conduct an assessment of the related risks on a national level, with the assistance of the World Bank. This exercise, which will be undertaken on the basis of the internationally accepted and recognised methodology of the World Bank, is aimed at identifying any deficiencies in the current regulatory framework and in the effectiveness of the procedures followed by all stakeholders involved in this effort, so that any corrective actions that may be required can be taken. This will be in addition to the various international assessments that are carried out from time to time and will contribute significantly towards the reinstatement of Cyprus as a reputable international financial centre.
The assessment is expected to be completed by the end of 2016, producing a report with concrete recommendations that will be submitted to the government, regulatory authorities and the private sector for implementation.
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