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ICPAC urges members to prepare for Moneyval visit

January 29, 2019 at 4:24pm
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ICPAC, the Institute of Certified Public Accountants of Cyprus, is urging all its members to prepare for the forthcoming visit of the Moneyval Committee to evaluate Cyprus anti-money laundering measures.

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Countering the Financing of Terrorism (AML/CFT) – Moneyval is a permanent monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation.

It also makers recommendations to national authorities in respect of necessary improvements to their systems.

In a circular sent to members and posted on its website, ICPAC said said Moneyval will visit Cyprus in May in order to evaluate and assess the AML/CFT and the overall compliance regime of the country.

All relevant competent authorities and the government of the Republic have been for a few months now preparing for this evaluation. ICPAC actively participates in this preparatory process, devoting resources and significant time, it said.

In addition, ICPAC has already adopted various measures to further enhance its compliance environment and to strengthen the anti-money laundering controls, it added.

During its visit, Moneyval is expected to assess not only the government and the competent authorities but interview obliged entities (licensed practitioners), including accounting and audit firms, as well as firms providing administrative services.

“The purpose of this circular is to alert all members and firms of the above evaluation and urge them to prepare accordingly,” ICPAC said.

ICPAC, as a regulatory authority for the specific subject, will continue to intensively require firms to report their level of adherence to ICPAC’s AML Directive and the relevant legislation, in order to, inter alia, ascertain the level of compliance.

ICPAC has also completed its monitoring plan for the year based on a risk assessment and will perform planned, as well as, surprise on-site visits, under its AML /Rules and Regulations monitoring tool.

The forthcoming evaluation by Moneyval is of paramount importance for the country, the economy and our profession, ICPAC noted.

“It is therefore imperative to prepare in the best possible manner, and continue abiding by the relevant Laws, Regulations and Directives while enhancing the overall compliance of your firms and your employees,” it concluded.