It was reported over the weekend that Cyprus wants to shed its offshore image, and is prepared to do whatever is necessary to achieve this. Reportedly, the Nicosia Finance Ministry told a visiting group of French Parliamentarians on a money-laundering fact-finding mission that the Cyprus government was prepared to dismantle parts of the island's offshore financial regime, if it came to it.
The French team said that there were 30,000 offshore companies on the island and that no-one knew what they concealed. The Americans of course are sure that they conceal Russian criminal proceeds, and the illicit profits from busting Serbian sanctions.
There was no official confirmation of the story to be had, which was denied by unofficial sources in Nicosia, and it may just be self-serving disinformation emanating from the EU tax police. It's a fact that the EU will make some demands of the Cyprus government, as it has of the Isle of Man and a number of other IOFCs linked to the EU, but the Cyprus government does itself no favours by waving a white flag when the enemy hasn't even lifted its rifles to fire. As long as Luxembourg and Dublin can maintain their existing regimes, there may not be much of a problem for Cyprus.
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