Council of Europe’s MONEYVAL publishes FATF technical compliance follow-up reports on Bulgaria, Cyprus and the Republic of Moldova

The Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has published follow-up reports on Bulgaria, Cyprus and the Republic of Moldova, reassessing their technical compliance with the 40 Financial Action Task Force (FATF) recommendations. The reports note progress in addressing previously identified deficiencies and update each jurisdiction’s compliance ratings. For Bulgaria, MONEYVAL identifies improved compliance on targeted financial sanctions related to terrorist financing, customer due diligence, transparency and beneficial ownership of legal persons, regulation and supervision of designated non-financial businesses and professions, and guidance and feedback. Bulgaria is now rated compliant on eight recommendations, largely compliant on 24, and partially compliant on eight. Cyprus is assessed as having made progress on correspondent banking, with some progress also reported on the FATF recommendation covering non-profit organisations, and is rated compliant on 16 recommendations, largely compliant on 20, and partially compliant on two. The Republic of Moldova is reported to have advanced customer due diligence measures for casinos, real estate agents, and trust and company service providers, as well as transparency and beneficial ownership of legal persons and legal arrangements, and is rated compliant on nine recommendations, largely compliant on 28, and partially compliant on three.