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Insights

The Cyprus Bar Association issues guidance on terrorist financing risk assessment
Compliance Solutions

The Cyprus Bar Association issues guidance on terrorist financing risk assessment

The Cyprus Bar Association has issued guidance on identifying, assessing and understanding the risk of terrorist financing in financial centres, the contents of which have been reviewed and endorsed by MONEYVAL.

CySEC’s circular – Guidelines on complex debt instruments and structured deposits
Compliance Solutions

CySEC’s circular – Guidelines on complex debt instruments and structured deposits

The Cyprus Securities and Exchange Commission issued a circular on 19 December 2018 reminding Cyprus investment firms and alternative investment fund managers of the European Securities and Markets Authority Guidelines on complex debt instruments and structured deposits.

Publication of the Sixth Anti-Money Laundering Directive
Compliance Solutions

Publication of the Sixth Anti-Money Laundering Directive

The EU published the Sixth Anti Money Laundering Directive on 12 November 2018 in its Official Journal, adding to the criminal law-related provisions of the Fifth Anti Money Laundering Directive as adopted by EU member states in May 2018. Amongst other provisions, a maximum term of imprisonment of four years for individuals has been introduced, in addition to further financial-oriented measures that could be imposed, such as fines and exclusion from access to public funding for legal persons.

Cypriot authorities issue advisory on Iran
Compliance Solutions

Cypriot authorities issue advisory on Iran

Various key Cypriot competent authorities issued, in November 2018, advisories relating to the reimposition of certain US sanctions on Iran and pronouncements by FinCEN as well as a recap on the current state-of-play in the EU on doing business in Iran, including reminders on the so-called EU-Blocking Regulation.

Protocol amending the Convention for the Elimination of Double Taxation between Cyprus and the United Kingdom
Compliance Solutions

Protocol amending the Convention for the Elimination of Double Taxation between Cyprus and the United Kingdom

On 19 December 2018, the Cypriot Minister of Finance, Harris Georgiades; and the British High Commissioner to Cyprus, Stephen Lillie, signed a protocol amending the Convention for the Elimination of Double Taxation between Cyprus and the United Kingdom, with respect to taxes on income, capital gains, and the prevention of tax evasion and avoidance.

National Risk Assessment of Money Laundering and Terrorist Financing Risks in Cyprus
Compliance Solutions

National Risk Assessment of Money Laundering and Terrorist Financing Risks in Cyprus

The Advisory Authority against Money Laundering and Terrorist Financing has reported on the first National Risk Assessment of Money Laundering and Terrorist Financing Risks which has effectively been carried out in Cyprus as required under the provisions of the Fourth Anti Money Laundering Directive.