A report issued on the 18th June 2025 by MONEYVAL concluded that Cyprus has made significant progress in addressing deficiencies in relation to correspondent banking under the Financial Action Task Force (FATF) standards.
As a result, the rating of Cyprus has been upgraded from “partially compliant” to “largely compliant”, having achieved a rating of “compliant” or “largely compliant” on 38 of FATF’s recommendations, and “partially compliant” on only two recommendations.
The above demonstrates the progress achieved and the further enhancement of the country’s legal and regulatory framework with regards to the prevention of money laundering and combating terrorist financing. Such progress is of vital importance in attracting quality investments in the island, as well as in maintaining and further enhancing financial stability.
Cyprus will remain under MONEYVAL’s enhanced follow-up procedure and is expected to report back within two years on further progress made in strengthening its anti-money laundering and counter-terrorist financing (AML/CFT) system.
