Friday, December 9, 2011

Anti-money laundering unit reports on Cyprus

Property and precious metals and stones dealers may be undermining efforts to prevent money laundering in Cyprus, according to a new report.
The findings of the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) are published today.
The MONEYVAL report states: “Concerns remain that real estate and dealers in precious metals and stones may not be fully implementing the anti-money laundering requirements.
The committee does welcome additional measures taken by Cypriot authorities to fight money laundering and the financing of terrorism. It notes also the increased number of convictions for money laundering, together with helpful case law on the freezing and confiscation of assets.
The MONEYVAL report also confirms that the country’s financial sector appears to be adequately monitored but notes “the noticeable decrease in the past years of the number of on-site visits in some parts of the financial sector is of concern.” The full report can be seen by clicking  HERE

Michael Hearns an Anti Money Laundering specialist with over 24 years of AML experience can also be found at and on twitter at :!/LaunderingMoney   and

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