Ethics and governance in the European Financial centers

The FATF welcomes the recent progress in policies and practices to combat money laundering and terrorist financing in the northern part of Cyprus. However, given the existing deficiencies, the FATF calls on its members and urges all jurisdictions to advise their financial institutions to pay special attention to the ML/FT risks in transactions with financial institutions operating in the northern part of Cyprus. The FATF encourages further progress to address the deficiencies.

Source : FATF

The Finance Ministry in Moscow has placed Cyprus on a black list of jurisdictions deterring Russian companies from registering here and then repatriating their dividends tax-free back home.

Know more

On 16 May 2007, the European Commission concluded that Cyprus has achieved a high degree of sustainable economic convergence with the other Member States and that it fulfils the necessary conditions to adopt the euro. On the basis of its Convergence Report, the Commission is proposing to the Council that Cyprus adopts the euro on 1 January 2008. The final decision will be taken by EU finance ministers in July, after consultation of the European Parliament, and following a discussion by the Heads of State or Government at their summit in June.

Know more