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

Where to get antigen rapid tests on Tuesday, 26 January

The Health Ministry announced the following antigen rapid test sites for Tuesday, 26 January 2021:   LIMASSOL Church of Panagia Chrysaifyliotissa, Agia Fyla 08:30-16:30 Church of Panagia Evangelistria,...

Cyprus government aims at gradual lifting of restrictive measures

The Cyprus government aims at the gradual lifting of restrictive measures against the spread of COVID-19 in the context of a concrete plan, with...

Shot flamingo found in Paralimni lake

Birdlife Cyprus announced that a flamingo was found wounded in the Lake of Paralimni. Members managed to save the bird and take it to a...

Epidemiologists agree to include colchicine in treatment protocol

The scientific team of the Health Ministry is ready to include colchicine in the treatment protocol to face COVID-19, Konstantinos Tsioutis, assistant professor of...

The coronavirus has killed 2.1 million people in the world, almost half in the Americas

The deaths in the Covid-19 pandemic around the world have risen this Sunday to 2.1 million, 15,800 of them registered in the last day,...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...