Shell companies directive helps money laundering fight: Moody’s


November 12 2018

The central bank’s (CBC) new directive on shell companies is credit positive for Cypriot banks, because the specific definitions of shell companies will help eliminate suspicious transactions and further strengthen banks’ anti-money-laundering (AML) practices, Moody’s rating agency said on Monday in its Credit Outlook.

In the report Moody’s quoted CBC head of banking supervision Yiangos Demetriou who on November 5 said that a new Central Bank of Cyprus circular that formally and narrowly defines what constitutes a shell company “…is more clear with specific directions regarding what banks should be doing” with respect to shell companies.