The Cyprus Securities and Exchange Commission head, Demetra Kalogerou told members of the parliament that despite the fact that Cyprus has formed an alliance with the fourth European directive, amended its laws and shut tax evasion loopholes, its reputation is still being maligned when it comes to money laundering. She therefore, recommended the establishment of an agency to record the changes and improvements in legislation being made already as well as embarking on taking further measures in the future. The Assistant Commissioner for Taxation said the taxation department faces challenges with technology in their battle to identify cases of tax evasion.
The Institute of Certified Public Accountants of Cyprus has said their regulations have been updated as a representative of the island’s association of commercial banks also stated that they were taking significant measures to modernise their surveillance system. A Moneyval report of Council of Europe for the Republic of Cyprus will be released in February and the Central Bank of Cyprus and other supervisory authorities anticipate positivity about it.