EU MoneyVal report clears Cyprus on money laundering suspicions

MoneyVal, the competent European authority for money laundering has cleared Cyprus of all suspicions related to money laundering. In early 2013, Eu officials expressed the opinion that Cyprus could be involved in money laundering activities mainly due to Russian deposits at its local institutions. The government reacting promptly, invited the competent European authority for antimoney laundering to visit Cyprus and assess the accusations.

MoneyVal appointed PWC to carry out the assessment under its supervision and the report was completed in April 2013 – Special Assessment Cyprus. The report effectively cleared Cyprus of any such accusations recognizing that the banks and professionals involved in International Business are well aware of Customer Due Diligence and Risks.