The central bank of Cyprus is likely to issue new, more stringent recommendations for controlled creditors that regulate anti-money laundering requirements as early as next week.
According to the source, there are two areas where issues need to be addressed more effectively. One concerns offshore companies, which, in fact, do not engage in any activity, but are used to transfer funds from one place to another. Another problem concerns business representatives, whose activities should be more controlled.
Despite the fact that the Central Bank of Cyprus has not made a final decision on the specific content of the new guidelines for combating money laundering, they come into force after the United States praised Cyprus for its efforts to combat financial crime.