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Tag: Shell companies

The new AML Directive by the Central Bank and shell companies-February 2019

May 2, 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.

Apr 24, 2019
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.

Nov 16, 2018
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?

Nov 12, 2018
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...