Cite as https://mymun.com/ppdb/6356
Position Paper: CYPRUS Directive of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
As shown by the results of the last Mutual Evaluation Report carried out by FATF, Cyprus has always taken very seriously the issue of money laundering and terrorist financing. Moreover, Cypriot Ministry of Finance stated in 2013 that “[Cyprus] has repeatedly been assessed on its framework and its implementation by Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) receiving overall positive evaluations”(1). The directive proposed by the Commission is supported by Cyprus as our nation has been having a stricter legal framework that goes beyond normal EU standard regarding the issue of...