In the face of recent comments of money laundering schemes in the island, it must be noted that Cyprus has one of the most sound anti-money laundering and counter-terrorism financing regulations in the world. Cyprus complies with the US Foreign Account Tax Compliance Act (FATCA) and was among the first countries to introduce the Organization for Economic Cooperation and Development’s (OECD) Common Reporting Standards (CRS). Moreover, in 2017, Transparency International concluded that Cyprus scored best among 12 investigated countries – including the U.S., U.K., Germany, and France – in an international audit test of its compliance with anti-money laundering standards.
Mr. Skandalis, Chairman of the Institute of Certified Public Accountants of Cyprus (ICPAC) said that these allegations come from competitor jurisdictions, which further proves the increasing importance of Cyprus’ role in the financial services sector internationally. Mr. Skandalis also stated the solid infrastructure and highly skilled labor force as a major incentive for investors and doing business in and from the island.
Cyprus is spearheading compliance regulations in the region, and possibly in the world, to provide the most stable and solid foundation for businesses from all over the world. To continue on this road, Cyprus’ importance and attractiveness will only increase in the upcoming years.