Insights
Practical commentary on the legal developments that affect businesses and individuals in Cyprus.
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Banking & Finance
The Central Bank of Cyprus (‘CBC’) has issued last February 2019 the 5th edition of the Directive on the Prevention of Money Laundering and Terrorist Financing (‘the CBC AML/CFT Directive’) which replaced the previous 4th edition of December 2013 as well as the amendments to the fourth edition of April 2016 and July 2017. The new… Read More
US Department of Treasury Assistant Secretary for Terrorist Financing Marshall Billingslea on Friday praised Cyprus’ “enormous progress” on issues relating to anti-money laundering (AML). Billingslea who is visiting Cyprus, met with Finance Minister Harris Georgiades, a visit described as part of the US’ scrutiny over the island’s financial sector. Georgiades pointed out the two countries… Read Mo
Tax Law
The Minister of Finance has stated recently that the model where Cyprus encouraged the opening of bank accounts of companies, that had just deposits at the banks, with no physical presence is no more welcomed. He said that “This is over, its finished. Even if we wanted to continue with such a model we can’t,… Read More
Banking & Finance
The Central Bank of Cyprus issued on 02/11/2018 a Circular to the commercial banks of Cyprus defining the term "shell company". This Circular comes following an earlier Circular dated 14/06/2018 which signified the intention of the Central Bank to adopt a definition of shell companies. The June Circular caused a lot of unrest and uncertainty… Read More
Cypriot banks are under extreme pressure, the last few months, by their regulator, the Central Bank of Cyprus, as regards the opening and operation of bank accounts of companies belonging to non-Cypriots. This pressure culminates in an over-compliance policy that threatens to kill Cyprus’s position as an international business center. It all began last May… Read More
Banking & Finance
The Central of Cyprus (CBC) informed last week the commercial banks of the island that it will amend the Anti Money Laundering Directive to include a new definition of shell companies. The aim of the CBC is “force” commercial banks to cease any business relationship with companies coming from zero tax jurisdictions like Seychelles, Belize and the BVI and introduce… Read More
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