CBC satisfied with Moneyval assessment of Cyprus' progress on recommendations

07:54 - 20 June 2025

Economy Reporter

The Central Bank of Cyprus (CBC) has welcomed with particular satisfaction the announcement by the Council of Europe’s Moneyval Committee regarding the Enhanced Follow-up Report and Technical Compliance Re-Rating.

The CBC said in a press release that the progress and upgrades achieved demonstrate that Cyprus continues to actively strengthen its legal and regulatory framework for combating money laundering and the financing of terrorism.

In its press release, the CBC noted that the upgrade concerns the Fourth Enhanced Follow-up Report and Technical Compliance Re-Rating of the Moneyval Committee, which reflects the significant progress made in relation to “Recommendation 13”, concerning correspondent banking relations. The rating has been upgraded from "partially compliant" to "largely compliant".

"The Central Bank remains committed to the ongoing monitoring and strengthening of this framework. This is a necessary prerequisite for attracting quality investments and an essential component for maintaining and further enhancing financial stability", CBC emphasised.

(Source: CNA)

CBC satisfied with Moneyval assessment of Cyprus' progress on recommendations

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