According to section 59(1)(a) of the Prevention and Suppression of Money Laundering Activities Law, 2007-2016 the Central Bank of Cyprus (CBC) is the competent authority for the enforcement of the provisions of the legislation regarding financial business on credit, payment and electronic money institutions. In this connection, in December 2013 the CBC issued the 4th version of the Directive on the Prevention of Money Laundering and Terrorist Financing which analyses the way of applying specific policy, procedures and control systems that all credit institutions should implement for the effective prevention of money laundering and terrorist financing so as to achieve full compliance with the requirements of the Law.