Regulatory oversight of charitable fundraising in Cyprus

Charitable fundraising is a common practice in Cyprus, frequently initiated through social media appeals and public donations. However, these activities are strictly regulated by the Collection of Money Law of 2014 (Law 68(I)/2014), which requires organizers to obtain specific permits, maintain dedicated bank accounts, issue receipts, and provide financial reporting to ensure transparency and accountability.

Currently, there are approximately 4,000 organizations registered in Cyprus. Savvas Parmatzias, a senior official at the Ministry of Interior, stated that performing comprehensive audits on every organization is logistically impossible. Instead, the government conducts risk assessments specifically targeting potential money laundering and terrorism financing. Based on these assessments, a limited number of organizations are selected for in-depth audits. Recent evaluations indicate that the overall risk of money laundering within the charitable sector remains low.

The Ministry maintains a registry for associations and foundations, while other non-governmental organizations are tracked in separate registries. The government is currently exploring potential legislative amendments to further strengthen oversight, though the Ministry of Interior notes that it lacks specific investigative powers regarding individual complaints against the operations of these various entities.