UNIT FOR COMBATING MONEY LAUNDERING (MOKAS) - Evaluations by International Organizations

Cyprus’ anti-money laundering system was four times assessed by the Moneyval Committee of the Council of Europe in April 1998, September 2001, April 2005 and in June 2010. The subsequent evaluation reports published in June 1998, June 2002, March 2006 and in September 2011, respectively, concluded that Cyprus adopted measures in line with international standards and should be commended for the very comprehensive legal framework put in place.

The last Detailed Assessment Report on Cyprus on Money Laundering and Combating the Financing of Terrorism can be found below.

In March 2001, the International Monetary Fund (IMF) also assessed Cyprus’ international financial sector. The IMF report which was released in August 2001 concluded that, Cyprus’ banking supervisory and regulatory systems applied to the international banking and financial services sector, including its anti-money laundering system, are of high standard and in line with internationally accepted principles. Moreover, in April 2005, the IMF conducted a review of the whole financial system and the evaluation report on Cyprus which was published by Moneyval in 2005 contained positive comments.