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.
Sen. Warren reintroduced her “Ultra-Millionaires” wealth tax proposal to the Senate, inspired by the Administration’s Fiscal Year 2025 Budget which includes its own version of a wealth tax. The tax proposals are part of the upcoming contest for the White House and focus on tax avoidance by the wealthy. Business owners should familiarize themselves with the proposed changes to federal income tax and develop plans in response as there is a possibility that the Democrats may have another opportunity to turn their income tax agenda into law.
Ziya Ozturkler denied allegations of taking bribes from a university in relation to the ongoing “fake diploma scandal.”
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.
Fact: A bill is being discussed in parliament to ensure that single parent allowance will not be affected if single parents live with other adults unrelated to the children.
President Biden’s FY 2025 budget proposes tax hikes on businesses and high earners, amounting to a gross tax hike of over .1 trillion.
Automated indirect tax technology can significantly impact an organization’s invoice accuracy, tax department efficiency, and overall profitability.
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.
– The Cyprus Securities and Exchange Commission (CySEC) imposed fines totaling €76,500 on two entities for various violations in March.
– Treefund AIFLNP V.C.I.C. Ltd was fined €25,000 for violations related to investor protection, disclosure of changes, net asset value calculations, share acquisitions, and failure to submit reports.
– CySEC considered factors such as seriousness of violations and investor protection in determining the fine amount.
– Treefund AIFLNP V.C.I.C. Ltd had not committed similar violations before.
– AIFM Fiduserve Asset Management Ltd was fined €50,000 for violations of the Investment Services and Activities and Regulated Markets Law of 2017.
– Fines were imposed on AIFM Fiduserve Asset Management Ltd for failing to collect necessary investor information, provide required content in periodic statements, notify investors of portfolio value decreases, and disseminate fair and clear information to investors.
– Donald Trump lost his bid to delay a criminal trial related to hush money payments to a porn star.
– He won a pause in a 4 million judgment in a separate civil fraud case.
– The judge set an April 15 trial date for the criminal case.
– Trump pleaded not guilty in both criminal cases.
– A mid-level state appeals court paused enforcement of the civil fraud judgment on the condition that Trump post a 5 million bond within 10 days.