authorities

Moneyval praises Cyprus progress on AML, crypto regulation

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Moneyval praises Cyprus progress on AML, crypto regulation

Cyprus has improved its measures for tackling money laundering and combating financing of terrorism, according to the latest Moneyval report. The Securities and Exchange Commission (CySEC) sees this as a ‘vote of confidence’ in financial regulation, especially for cryptos. The report found Cyprus to have improved its compliance with the Financial Action Task Force’s Recommendations, particularly in relation to Crypto-Asset Services Providers. Moneyval also noted progress towards improving compliance with non-profit organizations. Cyprus has made progress in addressing technical compliance shortcomings and is expected to report back to Moneyval in May 2025 on further progress. The country has achieved compliance or large compliance on 37 out of the 40 FATF Recommendations. CySEC has implemented significant measures to assess and reduce risks in the field of crypto-assets and improve compliance among providers. The publication of the report follows legislative changes to align AML/CFT laws with Moneyval and FATF standards.

Three major amendments to new Company Law in taxation

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Three major amendments to new Company Law in taxation

The new Company Law revision introduces a horizontal corporate personality denial system, holding shareholders accountable for the actions of other controlled companies. This will impact tax treatment for companies engaging in related-party transactions to evade taxes.

North , ‘should drive on the right’

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North , ‘should drive on the right’

Cars in the north should drive on the right hand side of the road, as stated by ‘parliament speaker’ Zorlu Tore.

CySEC welcomes report on money laundering progress

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CySEC welcomes report on money laundering progress

The Cyprus Securities and Exchange Commission (CySEC) welcomed the findings of a Moneyval report regarding progress made in addressing money laundering and terrorism financing. Moneyval is the Council of Europe’s committee of experts on evaluating anti-money laundering measures and the financing of terrorism. The report recognized Cyprus’s improved compliance with the Financial Action Task Force’s (FATF) regulations on new technologies and noted progress in enhancing compliance with non-profit organizations. Since November 2022, Cyprus has bolstered its regime for virtual asset service providers, with only a few minor deficiencies remaining, according to the report.

Covering faces at protests to be banned

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Covering faces at protests to be banned

The fact described in the text is that the act of covering one’s face at a protest may be outlawed according to a new bill put forward by the government.

Israeli ministers meet on hostages, Rafah plan

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Israeli ministers meet on hostages, Rafah plan

Israeli ministers discussed a Gaza truce proposal to free hostages held by Hamas and the possibility of an army sweep in the southern tip of the enclave. Israel is waiting for a response from Hamas on a ceasefire offer presented by Egyptian mediators. One hostage, Dror Or, was confirmed killed in a Hamas attack, with his body held in Gaza. Ceasefire efforts in the past have stumbled over Hamas’ demand for a commitment from Israel to end the war. Israel is considering a push into Rafah, the last bastion of Hamas, which is home to around one million displaced Palestinians. US Secretary of State Antony Blinken expressed concern over the lack of a plan for the safe evacuation of civilians from Rafah.

Death toll from rains in southern Brazil climbs to 29, Lula visits region

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Death toll from rains in southern Brazil climbs to 29, Lula visits region

The death toll from heavy rains in Brazil’s Rio Grande do Sul state has risen to 29, with 60 people missing and 10,242 displaced. The state government declared a state of public calamity to handle the situation, which Governor Eduardo Leite described as the most critical in the state’s history. More than 300,000 people are without electricity due to a dam bursting at a hydroelectric plant. President Lula flew over the affected areas and promised federal government assistance.

Prominent Gaza doctor dies in Israeli prison

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Prominent Gaza doctor dies in Israeli prison

Adnan Al-Bursh, head of orthopedics at Al Shifa Hospital in Gaza, died in an Israeli prison after more than four months of detention. His death was labeled an “assassination” by Palestinian prisoner associations.

When appearances can be deceiving

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When appearances can be deceiving

The Republic of Cyprus received positive feedback for its efforts to combat money laundering, aligning with recommendations from the Council of Europe’s Moneyval Committee. However, experts point out that the country still struggles to effectively address money laundering, with a lack of convictions for white-collar crimes. A recent incident involving a Ukrainian woman bringing in millions of euros highlights the system’s weaknesses. Despite progress, Cyprus faces significant challenges in tackling money laundering.

800 kg meat seized ahead of Easter

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800 kg meat seized ahead of Easter

Authorities seized 800 kg of meat products from the market ahead of Easter, not for health reasons but mostly for labeling issues. Meat prices are up compared to last year, with lamb and kid meat being 10% more expensive. Chicken prices have dropped by 3 to 4%. Meat consumption during Easter typically amounts to 800,000 kg, with 40,000 animals slaughtered.