The Cyprus Chamber of Commerce & Industry (Keve) successfully held an event to promote bilateral collaborations between Cypriot and Estonian businesses in the fields of shipping, cybersecurity, and information technology.
The Cyprus Integrity Forum called for action over sanctions evasion and money laundering in the north, following a Deutsche Welle production that revealed Iranian and Russian nationals buy property in the north to avoid sanctions.
The Cypriot Minister of Energy, Commerce, and Industry, Giorgos Papanastasiou, is in Israel for meetings with his Israeli counterpart, Minister of Energy and Infrastructure, Eli Cohen. The agenda includes discussions on the Cyprus-Israel electricity interconnection and cooperation on hydrocarbon issues. A joint statement is expected to be issued following the meetings.
Fact: President Nikos Christodoulides has taken action to combat money laundering in Cyprus by establishing a unified authority to oversee professional service providers and cooperating with US and British authorities for the effective enforcement of sanctions.
Cyprus and the US embassy in Nicosia are collaborating to combat money laundering and financial fraud. The US Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) are working with Cypriot authorities to identify and prosecute financial crimes. The FBI and Cyprus police will sign a memorandum of understanding to formalize their cooperation. Additionally, a Cyprus-based company, Tokentrust Holdings, faced sanctions from the US for its connections to Russia’s financial sector.
The UAE has outlined five categories of transfer pricing documentation that should be prepared for each tax year, including a Transfer Pricing Disclosure Form, Master file, Local file, Country-by-country report, and Additional supporting information.
Cyprus and the US embassy announced cooperation to enhance Cypriot capabilities to counter illicit finance. The FBI and Cyprus police will sign a memorandum of understanding to formalize cooperation. US sanctioned a Cyprus-based company for its links with Russia’s financial sector. US appreciates close cooperation with Cypriot authorities to hold sanctions evaders to account.