Moneyval, the Council of Europe's committee on the evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, said on Thursday that Cyprus has made further progress in improving its measures for tackling money laundering and combating financing of terrorism. According to a press release, Moneyval's 3rd Enhanced Follow-up Report and Technical Compliance Re-Rating found Cyprus 'to have improved its compliance with the Financial Action Task Force's Recommendation 15' concerning new technologies. The report, also noted progress towards improving its level of compliance with Recommendation 8 with regard to non-profit organisations. According to the press release, since November 2022, Cyprus has improved the virtual asset service providers regime with only a few minor deficiencies remaining. Furthermore, several measures to assess terrorism financing risk exposure by the non-profit sector and strengthen oversight activities have been taken, although these have not yet been fully implemented. 'Whilst Recommendation 8 remains Partly Compliant, the country has been re-rated on Recommendation 15 from Partially Compliant to Largely Compliant,' the release said. According to the press release, out the 40 Recommendations, Cyprus currently has 16 Recommendations rated Compliant. 21 Recommendations rated Largely Compliant and 3 Recommendations rated Partially Compliant. 'Overall, Cyprus has made progress in addressing most of the technical compliance shortcomings identified in its 2019 Mutual Evaluation Report,' Moneyval said, adding 'Cyprus has reached the general expectation of having remedied most of the technical compliance deficiencies at the end of its third year of follow up.' Cyprus is expected to report back by May 2025 to Moneyval on further progress made towards strengthening its anti-money laundering and combating financing of terrorism system, the press release concludes. Compared to the previous report, Cyprus increased its largely compliant ratings by one. Source: Cyprus News Agency