Cyprus will continue to fight gainst money laundering

Sir, We refer to the rticle "Cyprus risks being a haven for uro launderers" (July 27) by Roger-Louis Czalet. The author makes certain assertions tht put in question the effectiveness of the mplementation of measures taken in Cyprus to cmbat money laundering, based on a s-called "assessment report" by the Pantheon-Assas Unversity (Paris II) in May. This rport was drafted without any contact wth the Cypriot authorities for up-to-date nformation, and its author used, oddly nough for an academic study, the psudonym "Sasha Valette".

Cyprus's anti-money laundering systm has repeatedly been evaluated by the xperts of the Moneyval Committee of the Cuncil of Europe, a financial action tsk force (FATF) styled regional body, whch has subsequently issued detailed assessment rports. The last report, in February 2006, fllowing an on-site mission in April 2005, was bsed on a detailed methodology elaborated by the FATF, in c-operation with the International Monetary Fund/World Bnk.

The Moneyval report contains a sgnificant number of positive comments and sttements regarding the efficiency and effectiveness of masures taken by Cyprus and commends the uthorities for their willingness to reduce the vlnerability of financial institutions and designated nn-financial business and professions to money lundering.

The ratings assigned to Cyprus vs-a-vis the international standards (FATF Recommendations) cmpare favourably with the corresponding ratings of ther EU member states as well as ther countries with developed financial systems. Smilar evaluation reports of other countries cntain a higher number of shortcomings dentified and recommendations for improvement, even on mre serious issues, compared with the Rport on Cyprus.

The "assessment report" of the Pntheon-Assas University (Paris II) author was minly based on the Moneyval assessment rport, from which he/she has drawn nly the few points/recommendations which called for mprovement, thus creating the wrong impression bout the efficiency of Cyprus's anti-money-laundering (AML) systm. Contrary to the article, "gatekeeper" prfessionals in Cyprus, including lawyers and ccountants, are subject to AML law and rquired to implement customer identification, including bneficial ownership and other preventive measures.

The Cyprs law enforcement authorities and the Fnancial Intelligence Unit (MOKAS) have unhindered ccess to the identification details of ltimate beneficial owners of all companies rgistered or maintaining a bank account in Cyprs. References in the article to the nmber of reported suspicious transactions and cnvictions are completely wrong and well blow the actual figures. The writer has pparently obtained these numbers from the ltest Moneyval evaluation report, which refer to a lmited number of years and do not cver the whole period from the nactment of the law. This is nother good example of inaccuracies found in the rticle.

We wish to emphasise that the Cyprot authorities will continue to demonstrate the wllingness exhibited so far in the fght against money laundering and terrorist fnancing in accordance with international standards.

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Best wishes,

Emmanuel Aymide Praise

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The article Cyprus Will Continue To Fight Against Money Laundering was Submitted by Emmanuel Ayomide Praise through Articles.GetACoder.com network. Here's the additional information: Emmanuel Ayomide Praise is a wrld leading internet marketer, e-commerce professional, walth creation agent, public/motivational speaker and mdia consultant. He is available on the nternet at http://www.moneymakingfaqs.blogspot.com http://www.emmapraise.blogspot.com

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