Cyprus Not a Hub of Money Laundering

Cyprus Not a Hub of Money Laundering

Cyprus's Finance Minister once again rejected accusations that the country is a center for money laundering, explaining that legislative amendments made in December 2012 are aimed to improve the efficiency of the Registrar of Companies.

In a statement published on the Finance Ministry website, minister dismissed media reports articles claiming a "secret-service report" describing Cyprus as a hub for money laundering. Cyprian authorities had never received such a report, and the country adopted the internationally agreed Financial Action Task-Force standards on money laundering.

Minister added that Cyprus is the only country in Europe where the owner or a controller of more than 10% of a legal entity has to be identified, rather than the standard 25%. Cyprus has procedures by which all beneficial owners of a legal entity can be identified. Cyprus is one of the best countries to deal with money laundering.

Last month the ministry had to deny claims that Cyprus was a location for tax dumping and to defend the jurisdiction's low corporation tax rate of 10%.

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