Anti-Money Laundering Seminar

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In pursue of aiming higher, OLIESERVE was present at the Anti-Money Laundering course “Prevention and Suppression of Money Laundering and Terrorist Financing” Seminar which took place on the 24th and 25th of September in Limassol, Cyprus. Natalia Rudakova and Eleni Miltiadous represented OLIESERVE at the event.

The seminar was organized by the European Institute of Management and Finance and the Association of Certified Anti-Money Laundering Specialists. The objective of the seminar was to review historical framework of Money Laundering and its development of through time as well as the dangers and the socioeconomic impact of such crimes and to analyze the set standards and disciplines emanating from the regulatory and legislative framework in Cyprus pertaining to the Prevention and Suppression of Money Laundering and Terrorist Financing.

Cyprus is known for years as a jurisdiction that adopts all the world standards, incl. the AML and PTF. However, the implementation of such standards has been a weak point for Cyprus up until a few years ago, when the ruthless eye of the European Union had turned to the widely spread problems of the islands. Since then, many changes had happened in Cyprus concerning the internal implementations of such frameworks. The full process is not yet complete of course, and we still have to overcome a lot of obstacle to gain back a reputation for Cyprus of a prestigious jurisdiction for foreign investors. However, the amount of work done is incredible and Cyprus could already pride itself on the high AML and PTF standards.

OLIESERVE’ participation in this seminar has equipped the company with a comprehensive understanding of the risks and impact of financial crimes such as money laundering. Consequently, as a responsible CYSEC regulated company, OLIESERVE has the specialized knowledge to recognize suspicious behavior and implement the appropriate strategies in order to achieve the desired balance between preventing money laundering and promoting development.