UAE removed from EU Black List

UAE removed from EU Black List

On the 5th of December 2017, the Council adopted the EU list of non-cooperative jurisdictions for tax purposes (EU Black list). It had committed to do so in its conclusions from 25 May 2016.  The European Council updated its list as of the 17th of October 2019 and...
CySEC Directive translated to English

CySEC Directive translated to English

CySEC Directive On the 10th of May 2019 the new and updated CySEC Directive on the Prevention and Suppression of Money Laundering has only been available in the Greek Language. As of today thought CySEC has published its unofficial English Translation of the CySEC...
Cyprus Company breached OFAC Sanctions

Cyprus Company breached OFAC Sanctions

On the 24th of September 2019 the U.S Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) designated four companies in accordance with Executive Order 13850 of November 1, 2018. The four companies operate in the oil sector of the...
How the EC Action Plan on AML will affect Cyprus

How the EC Action Plan on AML will affect Cyprus

EC Action Plan on AML On December 4, 2018, the Council of the European Union affirmed the EC Action Plan on AML. The non-legislative short-term measures concern, inter allies, the following: the identification of the circumstances that contributed to the current money...