Anti Money Laundering Policy |
Cyprus enacted the appropriate legislation and has taken effective regulatory and
other measures by putting in place suitable mechanisms for the prevention and suppression
of money laundering and terrorist financing activities.
Moreover, Cyprus is committed to apply all the requirements of international treaties
and standards in this area and, specifically, those deriving from the European Union
Directives.
In 1992, Cyprus enacted the first Law by which money laundering deriving from drug
trafficking was criminalised.
In 1996 Cyprus enacted The Prevention and uppression of Money Laundering Activities
Law defining and criminalising money laundering deriving from all serious criminal
offences. The Law recognised the important role of the financial sector on the prevention
and forestalling of money laundering activities and contained special provisions
for measures and procedures that persons involved in financial business should put
in place to that effect.
The Law was subsequently amended to adopt new international initiatives and standards
in the area of money laundering, including the 2nd European Union Directive for
the prevention of the use of the financial system for the purpose of money laundering
(Directive 91/308/EEC). |
|
|
|
To read more about Anti money laundering policy Click
Here. |
|
|