21.1 C
Nicosia
Saturday, May 25, 2024
type here...
Economy

The Moneyval report is a vote of confidence in the institutional framework of Cyprus, says YKK

0
26

Must read

Ψorφος εμπιστ&omicron ;σνησ θεκπλιο Κπρο η ε η ε ε ε ε /></p> <p><strong>CYC notes that the report demonstrates the progress made by the Republic of Cyprus</strong></p> <p><strong>Welcomes</strong>the publication of the <strong>3rd Progress Evaluation Report</strong>, by the <strong>MONEYVAL Expert Committee</strong> of the <strong>Cyprus Capital Market Committee</strong> (CEC), with its President, Dr. George Theocharidis , to state that this is a <strong>vote of confidence</strong> in the institutional framework of the financial sector in Cyprus.</p> <p>As stated in a statement by the Greek Cypriot Cypriot Association, this is the third Progress Assessment Report of the Republic of Cyprus, in which MONEYVAL experts assessed the level of technical compliance applied by the Republic of Cyprus in the fight against money laundering (AML) and financing of terrorism (the CT), in relation to recommendations 8 and 15 of the Financial Action Task Force (the FATF). It is noted that through the Report the level of technical compliance of all involved Cypriot Authorities, including the Greek Cypriot Authority, was assessed.</p> <p>The President of the Cyprus Capital Market Commission, Dr. Giorgos Theocharidis stated that “the upgrade of Cyprus' rating by the MONEYVAL Committee is a clear vote of confidence in the effectiveness of the institutional framework of the financial sector in Cyprus, especially in relation to Service Providers in Crypto Assets”.</em>< /p> </p> <p>CYC has <strong>implemented important evaluation measures</strong>and reducing risks in the field of cryptoassets and improving the level of compliance among providers, says Dr. Theocharidis. <em>“We continue to work with other Authorities in Cyprus to ensure full compliance with Recommendation 15 of the Financial Action Task Force, reaffirming the commitment of the Republic of Cyprus to intensify efforts to combat money laundering and terrorist financing”< /em>, he said.</p> <p>CYC is also implementing the<strong> National Action Plan,</strong>based on the recommendations arising from the National Risk Assessment to further strengthen the AML/CTF regime of Cyprus, he added.</p> <p><strong>Upgrading the Republic's assessment in relation to Recommendation 15</strong>< /p>In its statement, the CySEC notes that the report demonstrates the progress made by the Republic of Cyprus in terms of technical compliance with the Financial Action Task Force Recommendations and particularly in relation to Recommendation 15 (New Technologies). According to the Press Release issued on Thursday by the Council of Europe, as of November 2022, Cyprus has improved the status of Service Providers in Crypto-assets, while only a few minor deficiencies remain. The country was re-rated on Recommendation 15 from “Partially Compliant” (PC) to “Largely Compliant” (LC). The said Press Release also notes that there has been progress in improving Cyprus' level of compliance with Recommendation 8 (Non-Profit Organisations). </p> <p>As reported by the CySEC, the rating upgrade for Recommendation 15 reflects the significant progress made and the measures adopted by the CySEC and other authorities to prevent and combat money laundering and terrorist financing in the crypto-asset sector elements.</p> <p>FATF Recommendation 15 concerns the international standards on the basis of which States must apply AML/CFT measures in relation to new technologies and mainly in relation to Crypto-asset Service Providers (CSPs). MONEYVAL has assessed the level of technical compliance of the competent Cypriot authorities and specifically of the Cypriot Authority as the Competent Authority for preventing and combating money laundering and terrorist financing, in relation to the activities of PYKS.</p> <p>MONEYVAL reports that Cyprus has made clear progress in correcting the key deficiencies in Recommendation 15, in particular by undertaking and adopting a National Action Plan (based on the National Risk Assessment for Crypto-assets and Crypto-asset Service Providers – the ' EAK') for dealing with the risks of NEPD and CT, in relation to Crypto-assets and Service Providers to Crypto-assets, as well as with the issuance by the Greek Securities and Exchange Commission of a Guide on issues related to the prevention and combating of the financing of terrorism in the context activities involving crypto-assets.</p> <p>As a result of the upgrade, the Republic of Cyprus has now achieved “Full Compliance” or “High Compliance” scores on 37 of the 40 FATF Recommendations, notes the CyC, as the Cyprus took action on most of the technical compliance deficiencies at the end of the 3rd year of progress assessment. Cyprus is expected to be re-evaluated in May 2025.</p> <p>In particular, the Report examined a series of legislative, regulatory and other measures taken by the Cypriot Authorities in relation to PYKS. Both the Cypriot Cypriot Authority and the other Cypriot Authorities took further measures and actions, with the aim of improving the level of compliance with the individual criteria of Recommendation 15. Specifically, among other things, the Cypriot Cypriot Authority took measures to assess and limit risks at the initial stage of examination of PYKS applications, utilizing data analysis tools in cryptoassets (blockchain analytical tools), as well as at the stage of examination of subsequent substantial changes and their supervision.</p> <p>The publication of the Report follows the recent approval of the House of Representatives of Law 98(I)/2023, amending the 2007 Law on Preventing and Combating the Laundering of Income from Illegal Activities (Law 188(I)/2007), which was aligned with the recommendations of the MONEYVAL Committee and FATF standards. In addition, for this purpose, a relevant amendment was made to the CYKK Directive on the PYKS Register. “These legislative changes, which demonstrate the commitment of the Republic of Cyprus to full compliance, are expected to be taken into account in the next assessment for Recommendation 15”, notes the Cypriot Cypriot Association. all the involved Cypriot Authorities for cooperation, and especially the Financial Intelligence Unit of the Republic of Cyprus – MOKAS, as well as the evaluation team and the MONEYVAL Committee.</p> <p><noindex></p> <div class=Source: 24h.com.cy

Previous article
Immense sadness: the Cypriot actor, Sotos Filippidis, has “passed away”!
Next article
On the Atlantic coast the most expensive resort in the USA
- Advertisement -AliExpress WW

More articles

- Advertisement -AliExpress WW

Latest article

© 2024 Cyprus Digest. All rights reserved.

Popular in Cyprus

About Us

Popular Category

Editor Picks

MORE STORIES

Anorthosis escaped the criteria – “We are not at the end...