Insider Business Cyprus passport applicants are high-risk clients, says  ICPAC

Cyprus passport applicants are high-risk clients, says  ICPAC

The Institute of Certified Public Accountants of Cyprus has sent a circular to its members calling for high scrutiny of citizenship via investment applicants. And it also notes that passport applicants should be considered as high-risk clients.

In addition, ICPAC wants auditors to check the framework behind a potential investment stressing that this should also assist the overall economy of Cyprus.

It then underlines that citizenship by investment programmes carry the risk of legalising money coming from laundering, corruption and tax evasion mainly because of the nature of the target group they attract, that is, high-income individuals.

Therefore, the circular points out, particular attention should be paid to addressing all risks of possible money laundering and the reputation associated with the island’s investment programme.

The goal of the circular’s guidelines is the application of uniform due diligence checks when services are provided to new or existing clients associated with the Cyprus’ Investment Programme.

The guidelines are there to also assist auditors with ensuring that the implementation of anti-money laundering legislation is not circumvented within the context of providing services to applicants of this programme.

The circular also notes that the source of a client’s wealth and funds must be verified during the audit, and in the event that citizenship is refused, the reasons should be substantiated and taken into account.

It then notes that a potential investment should contribute towards further strengthening the Cyprus economy.

At the same time, auditors have to determine whether existing or potential clients have participated in other citizenship investment plans.

Read more:

https://in-cyprus.com/icpac-urges-members-to-prepare-for-moneyval-visit/

Top Stories

Health Ministry announces COVID-19 tests for CFA matches and retirement homes

Cyprus' Health Ministry on Friday announced that COVID-19 tests will be conducted for all participants in matches of the Cyprus Football Association, except the...

Hardalias – ‘We are far from another lockdown’

"We are far from a lockdown against the pandemic, and there are a lot more measures than can be implemented, if necessary, before such...

Two road accidents – Caution: Slippery ground due to rain

Two traffic accidents occurred on Friday afternoon on the highway. According to police, one happened near Alampra and the second near Lympia. It is noted that...

Police ask for help to find missing 84-year-old man (photo)

Panicos Kapsosideris, 84, is missing from his home in Limassol since Friday morning, according to police. The 84-year-old is described as approximately 1.65m tall and...

UPDATED – Two injured in Paris stabbing attack (live video & photos)

Two people were stabbed on Friday near the former offices of the Charlie Hebdo satirical magazine in Paris, a police source said. One of the...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...