Malta on the grey list
As of Wednesday June 23rd, The Financial Action Task Force (FATF) has come to a decision to add Malta to its grey list. Malta is the first EU country to be on the list of the 22 untrustworthy financial jurisdictions globally and will have to stay under increased monitoring and work with FATF to address concerns regarding money laundering, terrorist financing and proliferation financing. Following a specifically tailored plan by FATF, Malta is hoping to exit the grey list in the immediate future.
As one of the traditionally trusted jurisdictions for corporate and financial services, Cyprus boasts a doctrine of healthy, thorough AML practices that have always kept it on the FATF green list. No international sanctions have ever been imposed against Cyprus and the Republic ranks well above average on international evaluations for Bribery and Corruption, including the Transparency International Corruption Index and the World Governance Indicator for Corruption.
Cyprus is also a member of MONEYVAL, one of FATF’s global Regional Bodies (FSRBs) and a permanent monitoring body of the Council of Europe, entrusted with the task of assessing compliance with the principal international standards. As per MONEYVAL’s latest assessment report, Cyprus has good understanding of money laundering risks at national and sectorial level.
Savva & Associates
Savva & Associates, one of Cyprus’ fastest growing corporate services providers since 2010 would be glad to accommodate your Cyprus corporate service needs. We are acknowledged as the premier corporate service provider in our field as a result of having one of the strongest technical teams on the island, adopting a service minded approach unseen among our competitors, and being the most cost-efficient Tier-1 provider in Cyprus.
Our Group consists of two affiliate companies covering the full spectrum of professional services required by our international clients. These include Cyprus Company Formation & Administration, Cyprus Non-Dom residency, Cyprus Funds and Cyprus Trusts among others.
Our group consists of:
- Savva & Associates, a CySEC licensed fiduciary and corporate services provider, specialising in the fields of taxation, corporate administration, accountancy, fiduciary, investment funds, international trusts, special-license companies and business advisory services based in Cyprus and Canada. We have built a reputation as being one of only a handful of Cyprus firms outside the BIG4 with the technical ability to provide clients with high level tax and VAT advice.
We work with many of the world’s largest international tax and accounting firms, including BIG4, to provide high level Cypriot and international tax advisory services, and also provide formation and ongoing administration services regarding Cypriot vehicles (private companies, trusts, regulated investment funds, etc.).
- S&V Audit Services, a licensed Audit Firm, headed by Panayiotis Vassiliades, who was previously with PWC for 10 years.
To find out more about our full range of services please contact Mr. Charles Savva at firstname.lastname@example.org. We will be happy to assist.