Cyprus has improved its measures for tackling money laundering and combating financing of terrorism, concludes MONEYVAL in a follow-up report released today. The report found Cyprus to have improved its compliance with the Financial Action Task Force’s Recommendations 15 (New technologies). It also noted progress towards improving its level of compliance with Recommendation 8 (non-profit organisations). 
Since November 2022, Cyprus has improved the virtual asset service providers regime with only a few  minor deficiencies remaining. In addition,  several measures to assess terrorism financing risk exposure by the non-profit sector and strengthen  oversight activities have been taken, although these  have not yet been fully implemented. Whilst Recommendation 8 remains Partly Compliant, the country has been re-rated on Recommendation 15 from Partially Compliant to Largely Compliant.
Overall, Cyprus has made progress in addressing most of the technical compliance shortcomings identified in its 2019 Mutual Evaluation Report. Out of the 40 Recommendations, Cyprus currently has:
       •    16 Recommendations rated Compliant
       •    21 Recommendations rated Largely Compliant3 Recommendations rated Partially Compliant
Cyprus has reached the general expectation of having remedied most of the technical compliance deficiencies at the end of its third year of follow up. It is expected to report back by May 2025  to MONEYVAL on further progress made towards strengthening its anti-money laundering and combating financing of terrorism system.
* * *
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. MONEYVAL evaluates 33 states and territories  (*) and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing. 

• Link to the report