What this chapter covers
Cyprus's fight against money laundering rests on Law 188(I)/2007, which sets up the financial intelligence unit MOKAS, names the supervisors that police regulated firms, and creates the criminal offences and penalties that apply to launderers and to professionals who fail in their duties.
That national law sits inside a wider framework: EU directives adopted by the European Parliament and the Council, the global standards of the Financial Action Task Force, evaluations by the Council of Europe's MONEYVAL, and separate laws on terrorism and sanctions, the latter reformed in July 2025.
Read the notes in order the first time. The first two cover the authorities in Cyprus, the next two the offences, then the international bodies, and finally the terrorism and sanctions laws.
The 7 topics
Each note starts with a short answer and a table of the facts to remember.
Authorities in Cyprus
- What is MOKAS and what powers does it have?Cyprus's financial intelligence unit: who staffs it, what it does with reports and how long it can stop a transaction.7 business days30 in total5 min
- Who supervises firms for AML in Cyprus, and what fines can CySEC impose?Which authority supervises which firms, and the measures and fines for AML breaches.€1,000,000€1,000 a day€5,000,000 or 10%5 min
Offences and penalties
- What are the money laundering offences under the AML/CFT Law, and what defences exist?The two penalty tiers, protection for people who report, legal privilege and false identity information.14 years€500,000€100,0006 min
- What are the offences of failing to report and tipping off?When silence towards MOKAS is a crime, what counts as tipping off, and when sharing is allowed.€5,000€50,0005 min
The international framework
- How do the EU AML directives and the FATF shape Cyprus's AML rules?Why the EU legislates, the 2024 package, and how the FATF and its 40 Recommendations work.198940 Recommendations6 min
- How are high-risk third countries identified, and what is MONEYVAL?How the EU lists high-risk countries, and the Council of Europe body that evaluates Cyprus.1 month19975 min
The numbers to know
Every figure in this chapter, with the note that explains it.
| Figure | What it is | Note |
|---|---|---|
| 7 business days, 30 in total | Longest a MOKAS instruction to suspend a transaction can last, including renewals | Topic 1: What is MOKAS and what powers does it have? |
| €1,000,000 | Standard maximum administrative fine for an AML breach | Topic 2: Who supervises firms for AML in Cyprus, and what fines can CySEC impose? |
| €1,000 a day | Maximum fine for each day a breach continues | Topic 2: Who supervises firms for AML in Cyprus, and what fines can CySEC impose? |
| €5,000,000 or 10% of turnover | Maximum fine for a credit or financial institution that is a legal person, including investment firms, funds and crypto-asset service providers | Topic 2: Who supervises firms for AML in Cyprus, and what fines can CySEC impose? |
| 2 years and/or €5,000 | Penalty for failing to report knowledge or reasonable suspicion to MOKAS | Topic 4: What are the offences of failing to report and tipping off? |
| 2 years and/or €50,000 | Penalty for tipping off | Topic 4: What are the offences of failing to report and tipping off? |
| 2 years and/or €100,000 | Penalty for giving a firm false identity information or forged documents | Topic 3: What are the money laundering offences under the AML/CFT Law, and what defences exist? |
| 3 a year | FATF Plenary meetings | Topic 5: How do the EU AML directives and the FATF shape Cyprus's AML rules? |