Report by Moneyval for Money Laundering in Cyprus

Moneyval have reported that Cyprus has been given a clean bill of health in terms of its compliance with international anti-money-laundering rules.

Cyprus is not a destination for business’ who wish to engage in money laundering, however it attracts investors due to the Double Tax Treaties. Also, Moneyval have investigated further and confirmed that Cyprus has not only present cultural links but also historic links with Russia, this is the reason for the large investments in Cyprus by Russian individuals and legal entities.

Two parallel audits were conducted, one by Deloitte Financial Advisory, the other by Moneyval from the  Council of Europe.

Deloitte’s audit focused on the effective implementation of Customer Due Diligence measures by a sample of major Cypriot banks with regards to deposits and loans. All credit institutions in Cyprus with a threshold of over €2 billion in total deposits by the end of 2012 were included in the exercise.

In conclusion, Moneyval found no proof that Cyprus is a heaven for money laundering, something that Cyprus has been accused of.


Quick Links

EurocollectnetIAGlegal 500Global LawIFLRHGitpaLawyers networkmartindaleLegal awards winner 2014

Leave your e-mail and join our newsletter!