A report from the US State Department has praised Cyprus for its comprehensive anti-money laundering regulations, although it raised concerns over the lack of money laundering controls in the Turkish Republic of Northern Cyprus.
Noting that Cyprus is a “major regional financial centre with a robust financial services industry, both domestic and offshore,” the report stated that the country has endeavoured over the last nine years to put in place a legal framework concerning anti-money laundering that “comports with the highest standards”.
However, while the report observed that the Unit for Combating Money Laundering, or MOKAS, cooperates closely with US government agencies in money laundering investigations, it considered that staffing at the department was “not sufficient to allow it to meet all its responsibilities".
"The government of the Republic of Cyprus has put in place a comprehensive anti-money laundering regime," the report stated.
It went on to add that: “It should continue to take steps to tighten implementation of its laws. In particular, it should ensure that regulation of charitable and non-profit entities is adequate.”
Furthermore, the report recommended that Cyprus should put in place provisions to allow for civil forfeiture of assets.
The US State Department also expressed concern over the 500 'finance institutions' operating in the TRNC which extend credit and give loans.
“Although they must register with the 'Office of the Registrar of Companies' they are unregulated,” observed the report.
"In spite of a growing awareness in the TRNC of the danger represented by money laundering, it is clear that TRNC regulations fail to provide effective protection against the risk of money laundering," the State Department noted.
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