Cyprus still troubled by its previous 'tax haven' reputation

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Cyprus’ reputation for helping to combat money laundering as an island is still struggling to regain credibility, due to previous slip-ups regarding tax evasion being brought up and presented as current realities as the US media attempt to link the Trump administration with Russia. Cyprus officials have been slow to respond to the latest particularly damaging reports that have placed the country in hot water after years of trying to improve its image as an investment hub, following the financial crisis.

Its uptake of EU regulations have been such a success that a recent International Transparency Report stated that Cyprus disclosed the most complete set of AML data among the 12 analysed countries (which included the US & UK). In spite of this, Cyprus’ former reputation is proving difficult to get rid of.