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Cyprus has made ‘enormous progress’ on money-laundering clampdown.

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

• Banking Law
• company and corporate
• Economy
• Shell companies

Τραπεζικό & Χρηματοοικονομικό Δίκαιο

The Central Bank of Cyprus proposes new definition on shell companies.

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

• Bank Account
• Bank account opening
• Banking Law
• Banks
• Central Bank of Cyprus
• Shell companies

Τραπεζικό & Χρηματοοικονομικό Δίκαιο

Loans in foreign currency and borrower’s rights, Part 2

On the 14th of April 2014 I wrote an article about loans in foreign currency and the rights of borrowers. The link to that article is here. The article dealt with the Opinion delivered by Advocate General Wahl, in Case C-26/13, Árpád Kásler and Hajnalka Káslerné Rábai v OTP Jelzálogbank Zrt, before the Court of… Read More

• Banking Law
• European Union Law
• Loans
• Loans in Foreign Currency