Beneficial Ownership Register for Companies and other Legal Entities
August 17, 2021

Beneficial Ownership Register for Companies and other Legal Entities

in Newsletters

The framework for the prevention of money laundering and terrorist financing activities has been strengthened with the establishment of a Beneficial Owners Register for corporate and other legal entities.

The law for the “Prevention and Suppression of Money Laundering and Terrorist Financing (Amendment) Law of 2021”, was voted yesterday by the House of Representatives.

The Ministry of Energy, Commerce and Industry welcomes the voting of the relevant Amendment Law which harmonizes and strengthens national law with the 5th European Directive (EU 2018/843, 30th May 2018), on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing activities. One of the basic provisions of the Amendment Law regards the establishment, maintenance and operation of a Beneficial Owners Register for corporate and other legal entities, by the Registrar of Companies.

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General Circular 14/2020 regarding the publication of the Basel AML Index 2020 ranking money laundering and terrorist financing risks around the world
August 17, 2021

General Circular 14/2020 regarding the publication of the Basel AML Index 2020 ranking money laundering and terrorist financing risks around the world

in Newsletters

The Basel AML index is published annually since 2012 and it remains the only independent, research-based index by a non-profit organisation ranking countries according to their risk of money laundering and terrorist financing (ML/TF).

The Basel AML Index measures the risk of ML/TF in countries around the world. Risk is defined broadly as a country’s vulnerability to ML/TF and its capacities to counter it. It does not measure the actual amount of ML/TF activity in a country.

Risk scores are based on data from publicly available sources such as the Financial Action Task Force (FATF), Transparency International, the World Bank and the World Economic Forum. They cover 16 indicators in five domains relevant to assessing ML/TF risk at the country level:

  • Quality of AML / CFT Framework
  • Bribery and Corruption
  • Financial Transparency and Standards
  • Public Transparency and Accountability
  • Legal and Political Risks

The Basel AML Index ranks countries based on their overall scores, capturing the complex global nature of ML/TF risks and providing useful data for comparative purposes. However, the primary objective is not to rank countries superficially in comparison with each other, but to provide an overall picture of different countries’ and regions’ risk levels and their progress in addressing vulnerabilities over time.

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Creating a Culture of Ethics and Compliance in the Workplace
August 17, 2021

Creating a Culture of Ethics and Compliance in the Workplace

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Culture is arguably the most beneficial asset a business can have: it can impact on performance, reputation, profit and growth in equal measure.

So much has been written about culture in recent years that we are in a position now where most businesses and business leaders understand its value. Compliance culture is a really important element that can impact on the wider cultural challenges that a firm could face. Your long-term success as a company strongly relates to how well you’ve managed to define your ethics and compliance, both inside and outside the organizational structure. A mistake made by many businesses – small or large – is to leave this in the realm of the abstract

In a business environment where reputational threats lurk around every corner, a strong culture of ethics and compliance is the foundation of a robust risk management program. The lessons learned related to scandals and organizational crises that trace back to the early 2000s make one thing clear: without an ethical and compliant culture, organizations will always be at risk. More and more, culture is moving from a lofty concept to something that should be defined, measured, and improved.

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The 5th AML Directive
August 17, 2021

The 5th AML Directive

in Newsletters

The Cyprus House of Representatives on the 18th February 2021 has enacted the long-awaited amending law to the Prevention and Suppression of Money laundering and Terrorist Financing Law 188(I)/2007 thus fully implementing EU Directive 2018/843 of the European Parliament and of the Council of 30 May 2018, (“the 5th AML Directive”).

This new enactment, (“the new Law”), implements the provisions of the 5th AML Directive that were not already implemented so far into Cyprus Law. With this new Law, the 5th AML Directive is now fully implemented in Cyprus.

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January 9, 2020

What Role Does an Accountant Play in Business Operations #Newsletter 02/2020

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An accountant performs financial functions related to the collection, accuracy, recording, analysis and presentation of a business, organization or company’s financial operations.

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January 2, 2020

What is accounting and why do i need it? #Newsletter 01/2020

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Accountants have been around for just about as long as humans have engaged in trade and commerce. This makes sense, because if we want to do business with each other in any kind of organized way we need a system to keep track of all of these exchanges. And that’s where accounting comes in. Double-entry bookkeeping emerged in Medieval Europe and has been used by business big and small ever since. Thankfully, today we have handy accounting software to help us manage our financial records and no longer have to rely on manually- completed ledgers and spreadsheets.

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December 13, 2019

New start up companies #Newsletter 01/2019

in Newsletters

 

Cyprus has one of the youngest populations and workforce in the European Union (EU). The country has a strong and fast-growing education system. Since 2000 enrolment in Cypriot universities has grown faster than in any other EU country. Almost half (46%) of the workforce has a tertiary degree, one of the highest percentages in the EU. Many Cypriots further strengthen their education by studying abroad — more Cypriots earn degrees from foreign universities than citizens of any other  EU country. Cyprus has a booming private education sector. A greater proportion of students go to privately funded and managed schools than any other country in the EU.

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