Regulatory Alerts2023-02-06
The Prevention and Suppression of Money Laundering Activities Law 40(I) of 2022
The Republic of Cyprus enacted Law 40(I) of 2022 to transpose the EU's Fourth Anti-Money Laundering Directive and establish a comprehensive framework for preventing and suppressing money laundering and terrorist financing. The legislation defines money laundering and terrorist financing offenses, imposes strict due diligence and reporting obligations on obligated entities, and mandates the establishment of the Unit for Combating Money Laundering (MOKAS) as the national Financial Intelligence Unit. It further outlines the powers of supervisory authorities, the imposition of administrative sanctions, and the procedures for confiscating proceeds of crime.
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