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January 17, 2020
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CBA AML Directive

On 17 January 2020 the Cyprus Bar Association (“CBA”) issued its new AML Directive pursuant to section 59(5) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (188(I)/2007) as amended (“Law”).

The CBA was appointed by the Council of Ministers on 7 March 2001 as the Supervisory Authority for lawyers in accordance with section 59(4) of the Law.

In line with the EU Directive 2015/849 of the European Parliament and of the Council of 20 May 2015, the Law constitutes the obligations and responsibilities for implementation by professionals of measures against money laundering and combating terrorist financing activities. Whereas, the Directive addresses statutory and professional requirements as regards the avoidance, recognition and reporting of money laundering and terrorist financing activities.

The following were considered for the purpose of preparing the Directive, which replaces the Directive issued by the CBA in 2013:

  • The Cyprus National Risk Assessment Report on Money Laundering and Terrorist Financing activities of 2018
  • The Report from the Commission to the European Parliament and the Council on the assessment of the risks of money laundering and terrorist financing affecting the internal market and relating to cross-border activities of 2017
  • The Financial Action Task Force (FATF) Recommendations
  • The Professional Money Laundering Report issued by FATF in 2018
  • The risk-based Approach Guidance issued by FATF in 2008 for Legal Professionals and for Trust and Company
  • Service Providers
  • The International Monetary Fund staff recommendations emanating from their risk-based analysis of Cyprus AML regime report of 2012
  • Latest post-programme discussions of 20187

You may view the Directive at https://bit.ly/2RBnHzl

This further establishes Cyprus as a compliant business jurisdiction. As a member of the European Union since 2004 and the Eurozone in 2008, Cyprus enhanced its role as robust and reliable destination for key players in various industries and sectors. Cyprus is rapidly growing and enhancing its reputation as a reliable financial and capital management centre. Major conglomerates have established their headquarters and expanded their business activities in Cyprus, given its extremely competitive commercial advantages.

K. A. Kourtellos & Co LLC is an independent, Cyprus-based law firm. We are trusted counsel to individuals, families, and businesses worldwide.

Our areas of expertise are Corporate & Commercial, Private Client, Real Estate & Infrastructure, Energy, Banking and Finance, Technology, IP & Data Protection, Dispute Resolution, Reputation and Crisis Management, Environmental and Shipping.

 

Please do not hesitate to contact us if you require further information or support on such matters.

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