26/03/2003 14:28
The Central Bank of Cyprus has accused the Russian newspaper "Kommersant" for undermining the unhindered development of Cyprus as a successful center of international financial activities, after the latter claimed that Russian businessmen have left the island. It is worth mentioning that the Chairman of the Federal Russian SEC has denied previous unfounded allegations that were assigned to him by the newspaper.
Meanwhile, "Kommersant" is still claiming that the Chairman of the Federal Russian SEC (OEK) said that the Central Bank of Cyprus reveals to OEK all information concerning to the beneficiaries of the Russian companies that are based in Cyprus.
The Central Bank stressed that the relation between the Bank and OEK is strictly ruled by the provisions of the "Memorandum of Understanding" signed on March 21, 2003, which provides for the regulation of financial and investment services by the Cyprus-owned companies in Russia and the Russian-owned companies based in Cyprus.
In the face of its full accession in the European Union, Cyprus has amended its tax system so that it is in line with the European acquis. The new tax system in relation to the prospects in view of the island's accession in the EU have made Cyprus a popular destination for foreign businessmen.
Meanwhile, "Kommersant" is still claiming that the Chairman of the Federal Russian SEC (OEK) said that the Central Bank of Cyprus reveals to OEK all information concerning to the beneficiaries of the Russian companies that are based in Cyprus.
The Central Bank stressed that the relation between the Bank and OEK is strictly ruled by the provisions of the "Memorandum of Understanding" signed on March 21, 2003, which provides for the regulation of financial and investment services by the Cyprus-owned companies in Russia and the Russian-owned companies based in Cyprus.
In the face of its full accession in the European Union, Cyprus has amended its tax system so that it is in line with the European acquis. The new tax system in relation to the prospects in view of the island's accession in the EU have made Cyprus a popular destination for foreign businessmen.
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