Central Bank of Cyprus to Crack Down on Shell Companies

[kreslik.news]

The Central Bank of Cyprus (CBC) is cracking down on shell companies in an effort to boost its anti-money laundering and terrorism financing efforts. According to World.Tax, the CBC is issuing a new set of definitions on what constitutes a shell company under its Directive for the Prevention of Money Laundering and Terrorist Financing. These changes will make it harder for unregulated brokers to set up fake offices and bank accounts in the small island nation.

The CBC’s decision appears in part due to pressure from the United States. Last month, a counter terrorism treasury official, Marshall Billingslea, visited ... (read more)