Cyprus to crackdown on shell companies

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Cyprus to crackdown on shell companies
 © Parikiaki 2018
The Central Bank of Cyprus has just made it harder for brokers to set up front companies on the island, following pressure from US officials who say more needs to be done to combat money laundering.

The CBC has sent an email to compliance officers within financial credit institutions to let them know of a new directive, which basically amounts to telling banks to avoid commercial relations with clients who represent shell companies.

The new rules will make it harder for companies to do business in Cyprus if they have no physical presence or do not engage in economic...


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Cyprus to crackdown on shell companies


The contents of this article including any associated images are © Parikiaki 2018
Views & opinions expressed in this article are those of the author and/or Parikiaki .

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