CYPRUS IMPLEMENTS THE 5TH AML DIRECTIVE

A. INTRODUCTION

The Cyprus House of Representatives on 18.02.2021 has enacted the long-awaited amending law to the Prevention and Suppression of Money laundering and Terrorist Financing Law 188(I)/2007 thus fully implementing EU Directive 2018/843 of the European Parliament and of the Council of 30 May 2018, (“the 5th AML Directive”).

B. EXTENDED SCOPE OF APPLICATION OF THE ANTI-MONEY LAUNDERING LEGAL FRAMEWORK

The 5th AML Directive as implemented, extends the scope of application of the Cyprus anti-money laundering legal framework by significantly expanding its range of application.

C. MOVING TOWARDS STRICTER RULES AND REGULATIONS

The implementation of the 5th AML Directive constitutes an important change to anti-money laundering framework, as it significantly expands the scope of the application of the AML Law.

D. HOW WE CAN ASSIST YOU

Our firm may assist you with AML compliance issues and guide you respectively in the implementation of the AML Law. Also, based on our extensive experience on consulting in blockchain related projects and financial technology, virtual currencies, Initial Coin Offerings, (ICOs), their accounting, VAT and tax treatment and related work, we can support your business comply and evolve under this new enabling environment.

E. DISCLAIMER

This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication.

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Christos P. Kinanis

Christos P. Kinanis

Mr. Kinanis is a practicing Lawyer in Cyprus with 35 years experience in the Law profession. Author of various articles on Legal and Tax matters.