Does the Central Bank of Cyprus continue to squeeze foreign companies?

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The Central Bank of Cyprus continues the policy of complete deoffshorization of the country, which began at the end of last year. According to media reports, among the most effective mechanisms is the closure of bank accounts of those companies that worked as international companies.

The country's Central Bank itself refused to talk about why many clients' accounts, including from Russia, came under closure. In response to RIA Novosti, the main banking regulator of Cyprus replied that they operate within the framework of the EU Directives and previous resolutions on the work and functioning of accounts of foreign companies registered in Cyprus.

“CBC, as a competent authority in accordance with the relevant legislation, expects that the controlled institutions will fully comply with the provisions of the legislation. In this regard, if it is determined that the business relationships that they had in the past do not meet their legal obligations, institutions must take the measures provided for by the laws and CBC directives that have the force of law and are published on the CBC website, ”says the response to a request for RIA Novosti.

Experts emphasize that the leadership of the Central Bank of Cyprus has created very strict conditions for companies from the Russian Federation, Poland, Canada and China. All those businessmen who are trying to establish the work of their firms in Cyprus cannot get an opportunity to perform any financial activity after the closure of accounts. This has already led to the fact that the outflow of foreign capital of countries not from the EU zone increased by 35% among investors from the Russian Federation, 19% from China and 7% from other countries.

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