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The CBA through its representative Maria Hadjivassiliou, Head of the Monitoring and Compliance Department, participated in the 18th Annual European AML/CFT Financial Crime Conference held in London between the 11th and 12th of November 2024.

More than 400 delegates participated in the forum addressing the fight against money laundering, terrorist financing and financial crime.

The key areas addressed, covered a number of topics, including the following:

  • The evolving threat of financial crime, extending beyond traditional ML and driven by technology
  • The need for dynamic, adaptable risk-based compliance that moves away from a tick-box approach
  • Balancing supervisory guidance with the freedom for the private sector to innovate
  • Information sharing Art. 75 - both private-to-private and private-to-public across borders
  • Prevent the reinvestment of illicit profits - increased use of asset freezing/confiscation
  • A shift in financial crime compliance that embraces social responsibility e.g. ESG & Modern Slavery factors
  • Increasing focus in areas like real estate, high-value goods, shell companies, FinTech & digital payment sectors

Speakers were high profile international professional experts in their field.

Representatives of the Republic of Cyprus participated in the panel discussing the changing nature of transnational criminality, the impact of technology, the future of international intelligence sharing and asset freezing.  

 

Cyprus Bar Association

22 November 2024