FIRST FINACIAL REFORMS APPROVED BY CYPRUS GOVERNMENT

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img-1Financial reforms to the legislation on anti-money laundering as conducted within Cyprus have been approved on Tuesday by the cabinet of ministers to strengthen and increase financial transparency. Financial transparency is an important factor for foreign investors as the information that they require to conduct business in a foreign country depends on accurate, timely information and most importantly how trustworthy is the information provided to them. According to the cabinet, one of the bills has been drafted for the creation of a registry of trust registries and will be monitored by the relevant supervisory authorities. Further, a second bill affects removing of the article in the trust law that exempts international trusts from registering. In relation to the bills, Government spokesman Christos Stylianides stated that ‘It is an important bill because it conveys the message that Cyprus is a healthy financial center’.