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Amendment of Cyprus money laundering legislation

Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market (the Payment Services Directive) was transposed into Cyprus legislation in the form of the Payment Services Law (Law 128(I) of 2009), which took effect on 27 November 2009.

Article 91 of the Payment Services Directive, which amends the Third EU Money Laundering Directive (Directive 2005/60/EC), has now been transposed into Cyprus law by Law 58(I) of 2010, which amends the Prevention and Suppression of Money Laundering Activities Law of 2007 (Law 188(I) of 2007).

Law 58(I) of 2010 also implements Council Framework Decision 2003/577/JHA on the execution in the EU of orders freezing property or evidence and Council Framework Decision 2006/783/JHA on the application of the principle of mutual recognition to confiscation orders. It also stipulates the due diligence, customer identification and record keeping requirements for branches and subsidiaries located outside the European Economic Area.

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