Insider Economy Cyprus stakeholders to exchange views on draft MONEYVAL report

Cyprus stakeholders to exchange views on draft MONEYVAL report

Cyprus stakeholders are flying to Strasbourg this week to exchange views on a draft report by the Council of Europe’s Committee of Experts for the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).

A MONEYVAL delegation carried out an onsite visit to Cyprus from May 13 to 24, and the final report is scheduled for discussion and adoption at their 59th Plenary meeting in Strasbourg from December 3 to 6.

This report will either turn into a powerful tool in Cyprus’ bid to improve its international image on money laundering, or act negatively if recommendations are too strict, indicating no progress. MONEYVAL’s ratings are carried out every five years.

Informed sources told Phileleftheros that off to Strasbourg for talks are representatives of the Central Bank of Cyprus, the Institute of Certified Public Accountants of Cyprus, the Cyprus Bar Association, MOKAS and the Cyprus Securities and Exchange Commission.

Representatives of the US Financial Crimes Enforcement Network (FinCen), acting as observers, had joined forces with the MONEYVAL delegation during their last visit in Cyprus. FinCen had played a leading role in the issuance of the Directive on Shell Companies by the Central Bank of Cyprus.

This means that MONEYVAL’s report comes at a time when supervisory authorities have taken the necessary steps, while thousands of foreign depositors’ accounts (mainly Russian) have been shut down. As a result, billions of euros have left the Cypriot banking system.

The draft MONEYVAL report was released about a month ago and some recommendations towards the competent authorities of Cyprus are included. An insider said recommendations will always be there and that this is standard procedure. The question, however, is what kind and how strict the recommendations are.

The MONEYVAL delegation was tasked with analysing – in the form of a mutual evaluation report – Cyprus’s level of compliance with the Financial Action Task Force (FATF) 40 Recommendations. As well as the level of effectiveness of Cyprus’s anti-money laundering system.

 

Read more:

https://in-cyprus.com/moneyval-report-on-cyprus-due-in-december/

 

Top Stories

EU to remove Serbia, Montenegro from coronavirus safe list – sources

  The European Union is set to remove Serbia and Montenegro from its safe list of countries from which non-essential travel is allowed, while including...

Cyprus to set up agency to promote tertiary education sector

  House President Demetris Syllouris met on Tuesday with Ministers and academia representatives to discuss the establishment of an agency to promote the tertiary education...

One tests positive to Covid-19, a foreign national permanently residing in Cyprus

One more person has tested positive for coronavirus after 1754 tests, the Health Ministry said on Tuesday, raising the total in Cyprus to 1,023. The...

Random Covid-19 tests at airports to double to 600 a day

    The number of random Covid-19 tests to be held among arriving passengers from Group A and B countries is to be doubled from 300...

Yellow alert for Wednesday, temperatures to edge down from Thursday

    The Met Office has issued a new extreme high temperature warning for tomorrow, the fifth in as many days. The yellow alert is in force...

Taste

Halloumi cheese fingers

Ingredients Serves: 2 1/2 tablespoon olive oil 175g (6 oz) halloumi cheese, cut into sticks 1 dessertspoon lemon juice 1/4 teaspoon dried oregano freshly ground black pepper to taste Method Prep:5min ›...

Koupes (cracked wheat pies) with mushrooms

Ingredients: For the dough: 1½ cup bulgur wheat 2 cups water 1 tsp. salt For the filling: 250gr. mushrooms, finely chopped ½ cup of olive oil 2 big onions, coarsely chopped 1...

Fried zucchini balls with halloumi

Ingredients: 6 medium zucchinis (approximately 1kg) 1 small onion, grated 1 large halloumi (about 250gr.), grated ½ cup simple flour 2 tsps. fine lemon zest 2 big eggs 1 tbsp. fresh...

Rocket salad

Ingredients: 4 cups rocket leaves, rinsed and dried 1 cup cherry tomatoes 1 cup pomegranate seeds 1 red bell pepper ½ cup croutons 2-3 light cheese slices (grated) salt ½ of a...