Cyprus News & Insights
Latest from Cyprus — Tax, Corporate, Sanctions & Compliance
Curated short briefings on the developments that matter to founders, investors and multinational groups operating in Cyprus.
Sanctions & AMLThe Financial Action Task Force (FATF) has initiated a public consultation to gather feedback on new guidance aimed at supporting the implementation of its updated Recommendation 16 for payment transparency. These revised standards, agreed upon in June 2025, are designed to modernize the international payment system, make cross-border transactions more transparent, and introduce measures against fraud, with a full global implementation expected by the close of 2030.
Sanctions & AMLThe Financial Action Task Force (FATF) recently published reports highlighting financial crime risks. One report focuses on the misuse of stablecoins, particularly through peer-to-peer transactions via unhosted wallets, and suggests ways for countries and the private sector to strengthen financial system controls. Another publication addresses cyber-enabled fraud, noting its status as a prevalent profit-driven crime generating substantial illicit funds globally.
Sanctions & AMLThe Financial Action Task Force (FATF) President, Elisa de Anda Madrazo, emphasized an inclusive approach to financial integrity during her address at the G20 Finance Ministers and Central Bank Governors Meeting. She stressed that upholding financial integrity should not conflict with financial inclusion, noting that excluding people from the formal financial system can lead to increased risks as individuals turn to unregulated channels. Madrazo outlined the FATF's strategies, including reinforcing risk-based approaches with simplified due diligence and updating standards to foster faster, more secure cross-border payment systems leveraging new technologies and collaborative efforts.