Cyprus Bar Association Directive on Anti Money Laundering and Counter Terrorist Financing Activities

On 17 January 2020, the Cyprus Bar Association (CyBAR) issued the directive which is addressed to the members of the CyBAR on Anti-Money Laundering and Counter Terrorist Activities (Directive).

This Directive has been issued in line with section 59(4) of the local anti-money laundering legislation as well as in line with Directive (EU) 2015/849 of the European Parliament and of the Council of Europe (known as the Fourth Money Laundering Directive). The Directive has been prepared in accordance with international guidelines, including, the various recommendations issued by the Financial Action Task Force (FATF). The intention is that this Directive will replace the previous directive of the CyBAR issued in August 2013 titled ‘Prevention and Suppression of Money Laundering Activities’.

Members of the CyBAR should implement and follow the requirements outlined in this Directive by having in place appropriate policies and procedures.

The CyBAR Directive can be found here.