The new AML Directive by the Central Bank and shell companies-February 2019
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...
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...
Shell companies and the 60 days tax residency scheme.
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...
What are shell companies?
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...
How over-compliance in the banking sector threatens to kill Cyprus as a business center.
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...
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....
Anti-Money Laundering/Counter-Terrorist Financing Compliance Manual seminar by UCLan.
The School of Law of UClan Cyprus organised a very interesting AML Seminar last Saturday 19/05/2018. The seminar entitled “How to Structure an Anti-Money Laundering/Counter-Terrorist Financing Compliance Manual” was presented by the experts...
Minority rights and derivative actions under Cyprus company law.
It is a general principle of company law that an individual shareholder cannot sue for wrongs done to a company or complain of any internal irregularities. This principle is widely...
