Cyprus AML aims to capture current and future developments in respects to money laundering, terrorist financing, regulatory compliance, legislative changes and best practices in respects to money laundering and terrorist financing matters in Cyprus.
Cyprus AML In practice
I have been working amidst Cyprus AML issues for several years. My focus has always been offering services to Cyprus companies, funds, and trusts. As well as the various type of possible shareholder structures that are associated with them such as listed entities, partnership funds, registered umbrella funds, and others.
Review, Adjust, Adapt
Cyprus AML is evolving. Every day the existing compliance procedures are reviewed, adjusted and adapted to respond to the equally evolving financial crime attempts. With the Financial Action Task Force hard at work monitoring the sufficiency of the financial system as well as local regulators such as the Central Bank of Cyprus, the Cyprus Securities and Exchange Commission, the Cyprus Bar Association and the Institute of Certified Public Accountants of Cyprus pushing regulations to its members this category of posts will be very interesting.
With matters to consider as a priority being transaction monitoring, client acceptance, risk categorization of clients, the new CySEC directive to it’s members as well a the best practices issued by ICPAC there is an abundant of commentary to prepare and share upon. I hope you enjoy reading the blog, let me know what you think
Cyprus AML Publications
UBO Register has been ruled as invalid by the ECJ since it is against Article 7 & 8 of the EU Charter of Fundamental Rights.
Cyprus AML Law Translated to English in an announcement by CYSEC today the Cyprus AML Law has been translated to English up to law 81(I)/2019. The prevention and suppression of money laundering and terrorist financing laws of 2007 – 2019 is the backbone of the Cypriot efforts on terror
On the 11th of November 2019, the Foreign Affairs Council of the European Union agreed to impose sanctions on Turkey without disclosing parties
A recent Reuters publication has prompted a government investigation into the Cyprus Investment Programme and the eligibility criteria.
The UAE has been removed from the EU Blacklist of tax heavens
CySEC Directive on the Prevention and Suppression of Money Laundering has today been translated into the English Language and published on the Regulators website
OFAC Sanctions applied to Cyprus company Caroil Transport Marine Ltd. Per the OFAC Sanctions the Cyprus Company’s assets are blocked and reportable to OFAC
The EC Action Plan on AML aims to strengthen EU’s impact on the fight against terror and money laundering, how will it affect Cyprus thought is a work in the making
The EU AML Infrastructure is a multilevel rule-based system aimed at raising awareness and mitigating any AML and Terrorist Financing Risk in the EU. Lets take a birds eye view of the European Union’s framework on anti-money laundering, the key players and responsibilities.
Cyprus does not follow OFAC Sanctions, however in most cases local business are caught by OFAC Sanctions even if they are not aware.