In June 2018 the Central Bank of Cyprus (CBC) sent a circular to Cyprus' banks to improve due diligence on so-called shell companies, as part of Cyprus' campaign to improve its image for countering money laundering and combatting the financing of terrorism (otherwise known as AML/CFT).
Cyprus had undertaken to the EU, as a condition of its financial bailout in 2013, to eliminate its status as a haven for money laundering and tax avoidance.
Little was done at a practical level eit...
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Already a member? Login hereAndrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.
Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.