MONEYVAL has published a follow-up report finding that Cyprus has strengthened its anti-money laundering and counter-terrorist financing framework, with particular progress against Financial Action Task Force standards on correspondent banking. The update upgrades Cyprus’s rating for Recommendation 13 to “Largely Compliant” and, under MONEYVAL’s procedures, removes Cyprus from the fifth-round follow-up process. The report notes progress on Recommendation 8 on non-profit organisations, but keeps the rating at “Partially Compliant” due to remaining moderate deficiencies. Overall, Cyprus is now rated Compliant on sixteen of the forty recommendations, Largely Compliant on twenty-two, and Partially Compliant on two, with none assessed as non-compliant. MONEYVAL’s on-site visit for Cyprus’s sixth-round mutual evaluation is scheduled for October 2028.
Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL) 2025-06-18
MONEYVAL upgrades Cyprus’s correspondent banking compliance rating and ends its fifth-round follow-up
MONEYVAL's follow-up report shows Cyprus has improved its anti-money laundering and counter-terrorist financing framework, notably enhancing compliance with Financial Action Task Force standards on correspondent banking. Cyprus's rating for Recommendation 13 is upgraded to "Largely Compliant," leading to its removal from the fifth-round follow-up process. Despite progress on Recommendation 8, the rating remains "Partially Compliant" due to moderate deficiencies.