Regulatory Alerts2022-02-07
The Prevention and Suppression of Money Laundering and Terrorist Financing Laws of 2007-2021
The Republic of Cyprus enacted this consolidated law to establish a comprehensive legal framework for preventing and suppressing money laundering and terrorist financing. It mandates customer due diligence, beneficial ownership registration, and reporting obligations for obliged entities while defining specific criminal offenses and confiscation procedures. The legislation also outlines international cooperation mechanisms and the operational powers of supervisory authorities and the Unit for Combating Money Laundering Offences.
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