Front Matter

Front Matter Page

February 2007

IMF Country Report No. 07/77

Cyprus: Report on the Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

This Report on the Observance of Standards and Codes on the FATF Recommendations Anti-Money Laundering and Combating the Financing of Terrorism for Cyprus was prepared by the Council of Europe’s Select Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL), a FATF-style regional body, using the assessment methodology adopted by the Financial Action Task Forces in February 2004. The views expressed in this document, as well as in the full assessment report, are those of MONEYVAL and do not necessarily reflect the views of the Government of Cyprus or the Executive Board of the IMF.

A copy of the full assessment report can be found on the website of MONEYVAL at www.coe.int/moneyval.

To assist the IMF in evaluating the publication policy, reader comments are invited and may be sent by e-mail to publicationpolicy@imf.org.

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A001_uA01fig01
COUNCIL CONSEILOF EUROPE DE L’EUROPE

Strasbourg, 3 February 2006

MONEYVAL (2005) 20

EUROPEAN COMMITTEE ON CRIME PROBLEMS

(CDPC)

COMMITTEE OF EXPERTS

ON THE EVALUATION

OF ANTI-MONEY LAUNDERING MEASURES

(MONEYVAL)

CYPRUS

REPORT ON THE OBSERVANCE OF STANDARDS AND CODES 1

ANTI-MONEY LAUNDERING

AND COMBATING THE FINANCING OF TERRORISM

Memorandum

prepared by the Secretariat

Directorate General of Legal Affairs DG I

LIST OF ACRONYMS USED

AML Law

Anti-Money Laundering Law

CBA

Cyprus Bar Association

CBC

Central Bank of Cyprus

CDD

Customer Due Diligence

CFT

Combating the financing of terrorism

DNFBPs

Designated Non-Financial Businesses and Professions

ETS

European Treaty Series [CETS = Council of Europe Treaty Series 1.1.2004 ]

FATF

Financial Action Task Force

FIU

Financial Intelligence Unit

G-Banks

AML Guidance Note to Banks issued by the CBC in November 2004

G-Insurers

AML Guidance Notes to life and non-life insurers operating exclusively outside Cyprus, issued by the Insurance Companies Control Service in March 2005

G-International /Financial / Trustee Businesses

AML Guidance Notes to International Financial Services Companies, International Trustee Services Companies, International Collective Investment schemes and their managers or trustees as appropriate, issued by the CBC in January 2005

G-Investment Brokers

AML Guidance Note to brokers, issued by SEC in September 2001

G-MTB

AML Guidance Note to Money Transfer Businesses, issued by the CBC in January 2005

IBEs

International Business Enterprises

IBUs

International Banking Units

ICCS

Insurance Companies Control Service

ICPAC

Institute of Chartered Public Accountants of Cyprus

MLA

Mutual Legal Assistance

MOKAS

Unit for Combating Money Laundering (Financial Intelligence Unit of Cyprus)

OGBS

Offshore Group of Banking Supervisors

PEPs

Politically Exposed Persons

SEC

Cyprus Securities and Exchange Commission

STRs

Suspicious transaction reports

UCITS

Undertakings for Collective Investment in Transferable Securities

Cyprus: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
Author: International Monetary Fund