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Liquidation solutions in Cyprus and the BVI
Liquidation services

Liquidation solutions in Cyprus and the BVI

This guide identifies the types of voluntary liquidation and outlines the procedure to take in both the British Virgin Islands and Cyprus. It also sets out the duties of a liquidator in the winding-up process.

Cyprus UBO regime announcement
Compliance Solutions

Cyprus UBO regime announcement

Cyprus UBO disclosure regime for entities and other legal arrangements commencing on 22 February 2021.

AML/TF risks in Cyprus in light of COVID-19 and related policy responses

AML/TF risks in Cyprus in light of COVID-19 and related policy responses

COVID-19 has changed the world in a lot more ways than one could imagine. An increase in the level of crime and changes in the type of criminal activity is just one of the many consequences of COVID-19 on global businesses. According to “COVID-19 related Money Laundering and Terrorist Financing, Risk and Policy Responses” (FATF COVID-19 paper), new Money Laundering (ML) and Terrorist Financing (TF) threats and vulnerabilities have been created from the outbreak of COVID-19 related crimes.

Redomiciliation of companies in and out of Cyprus

Redomiciliation of companies in and out of Cyprus

This guide provides an overview of the redomiciliation of companies in and out of Cyprus, including a detailed breakdown of the application process.

Electronic communications – safe, secure and consistent

Electronic communications – safe, secure and consistent

In an ever-increasing digital world, electronic communications between transaction parties have become the norm and the exchange of electronic documents is daily routine in transactions (whether occurring locally or cross-border). In this digital environment, therefore, it is imperative that the right tools are utilised to ensure that no legal mishaps occur: electronic signatures, electronic seals and electronic time stamps, as well electronic identification mechanisms are in place on the basis of a pan-European legal framework guaranteeing that the use of electronic communications is undertaken in a secure and consistent manner.

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.