Advisory Authority

Advisory Authority for Combating Money Laundering

(Sections 56-57 of the Law)

This Authority is headed by the Attorney General or his representative (Head of the FIU) and its functions are the following:

1. Inform the Council of Ministers of any measures taken and the general policy applied against money laundering and financing of terrorism offences;
2. Advice the Council of Ministers about additional measures which, in its opinion, should be taken for the better implementation of this Law;
3. Promote the Republic internationally as a country, which complies with all the conventions, resolutions and decisions of international bodies in respect of combating laundering and financing of terrorism offences.
4. Designate the third countries outside the European Economic Area which impose procedures and take measures for preventing money laundering and financing of terrorism equivalent to those laid down by the EU Directive. For this purpose, it applies the relevant decision of the European Commission according to Article 40(4) of the EU Directive. Furthermore, it notifies the competent Supervisory Authorities who in turn notify the persons falling under their supervision of the said decision.

• The Unit of Combating Money Laundering;
• The Central Bank of Cyprus;
• All other Supervisory Authorities;
• The Ministry of Finance;
• The Ministry of Justice and Public Order;
• The Police;
• The Customs and Excise Department;
• The Association of Cyprus Commercial Banks;
• The Association of International Banks;
• The Cyprus Bar Association;
• the Institute of Certified Public Accountants of Cyprus
• The Registrar of Companies;
• Any other Organization or Service the Council of Ministers may prescribe.