The sinful past and the steps for the credibility of Cyprus
The recent list of sanctions proved that Cyprus is not sufficiently fortified regarding the industries it serves. From the 1990s-2000s, a huge “industry” developed with lawyers, accountants, fiduciary servicers and banks that served and continues to serve – with limitations – wealthy foreigners. Therefore, suspicion has been created towards the actions of the country related to the provision of services. There is a lot of “shyness” and strong concerns are expressed about possible new lists with “Cypriot” names. However, the issue is quantitative and not qualitative.
Read Panagiotis Rougala's report in the print edition of “K”.
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