Publication Of The Deloitte And Moneyval Reports On The Effectiveness Of Cyprus’s Anti-Money Laundering Regime

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Elias Neocleous & Co LLC

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Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
In May 2013 a statement purporting to summarise Moneyval's and Deloitte's conclusions, compiled by the "troika" of providers of international financial support, was leaked to the press.
Cyprus Government, Public Sector

In the course of the negotiations regarding financial support for Cyprus in the first quarter of 2013 a number of allegations were made that the financial system in Cyprus was extensively abused for money laundering purposes as a consequence of weak anti-money laundering procedures and laxity in their application.

Deloitte, the international accounting firm, and Moneyval, a monitoring body of the Council of Europe, were commissioned by the Cyprus authorities and the providers of international financial support to carry out an in-depth review of the effectiveness of Cyprus's anti-money laundering regime.

In May 2013 a statement purporting to summarise Moneyval's and Deloitte's conclusions, compiled by the "troika" of providers of international financial support, was leaked to the press. The Central Bank of Cyprus issued a point-by point refutation of this statement shortly afterwards.

The Cyprus government has now published the reports compiled by Deloitte and Moneyval in order to put an end to misinformed speculation on this topic. Links to the reports can be found below.

It is clear that the reports have been interpreted, and their conclusions presented, very differently by the various stakeholders involved. Publication of the reports will allow people to form their own independent conclusions.

To view a copy of the Deloitte report please follow this link: Deloitte report
To view a copy of the Moneyval report please follow this link: Moneyval report


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