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Home News

Cyprus’s SEC Hails MONEYVAL’s New Assessment, Calls it a “Vote of Confidence”

3 May 2024
in News
Reading Time: 3 mins read
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Cyprus’s SEC Hails MONEYVAL’s New Assessment, Calls it a Vote of Confidence

Source: Lola coin

Cyprus authorities have lauded the Council of Europe’s Committee evaluating Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)’s positive assessment of the country’s financial regulations framework. 

Cyprus’s Securities and Exchange Commission (CySEC), in a press release published on May 3, 2024, described it as a resounding “vote of confidence” in the country’s financial regulatory framework.

MONEYVAL’s latest report highlighted that Cyprus has made significant progress in complying with the Financial Action Task Force (FATF) recommendations. Ntoably, the country was re-rated on its adherence to the FATF Recommendation 15 from “partially compliant” to “largely compliant.”

FATF Recommendation 15 concerns the international standards based on which States must apply anti-money laundering (AML) and combating financing of terrorism (CFT) measures concerning new technologies, mainly CryptoAsset Services Providers (the CASPs).

According to CySEC, the country has achieved ‘Compliant’ or ‘Largely Compliant’ on 37 out of the 40 FATF recommendations.  CySEC Chairman George Theocharides noted that this recognition is particularly important in enhancing confidence in regulating crypto-asset service providers. 

However, MONEYVAL’s evaluation still highlighted minor deficiencies with Cyprus’ new enhanced regime for virtual asset service providers that need to be resolved. The report noted key areas such as terrorism financing risks in the non-profit sector and how the country plans to assess every entity seeking a license to offer virtual asset services. 

Theocharides added that the regulator would continue to work with other authorities to ensure full compliance with these recommendations. According to him, “CySEC is also implementing the National Action Plan, based on recommendations arising from the National Risk Assessment, to further strengthen Cyprus’s ML/CTF regime.”

The country is now expected to report back by May 2025.

Meanwhile, the Cyprus government has reaffirmed its unwavering commitment to upholding international standards in combating money laundering and terrorist financing. The country’s Minister of Finance, Mr. Constantinos Petrides, noted that this high compliance level with MONEYVAL’s recommendations demonstrates the government’s dedication to continuous improvement and vigilance in safeguarding the integrity of the country’s financial system.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: CryptoCyprusMONEYVAL
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Anuoluwapo Obisesan

Anuoluwapo Obisesan

Experienced in crafting clear, user-friendly documentation and compelling news reports. Passionate about technology and delivering impactful content. Collaborative team player dedicated to accuracy and clarity. When not writing, you'll find me hunkering down with a good book.

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