Republic of Cyprus
Unit for Combating Money Laundering (MOKAS)

Bilateral Cooperation - Norway Grants


APRIL 2015

In the terms of implementing the Project entitled “Strengthening MOKAS Capacities and Improve Efficiency to Detect Money Laundering and Financing of Terrorism”, the Unit has acquired from the United Nations (United Nations Office on Drugs and Crime - UNODC) the new system named goAML Professional edition, which has been installed to the Unit on November 2014. The Unit has also obtained all the necessary hardware and software equipment needed for the support of the new system. This project which is in its last stage of implementation began its operation on a pilot basis on December 2014 and went live on 01 of April 2015. From 01 April 2015 and onwards, all the banking institutions and other organizations which according to the Law are obliged to submit suspicious transactions or activities reports to the Unit, are able to submit the reports electronically, under the highest security standards.

By virtue of the Anti-money Laundering Law, the Unit has issued a Directive addressed to all banking institutions and other organisations, which gives instructions as to the way the new system operates and the electronic submission of reports.



Norway Grants