The Central Bank of Cyprus has communicated its intention to incorporate the definition of shell/letter box company in the forthcoming revision of the Directive for the Prevention of Money Laundering and Terrorist Financing.
The term "shell company" shall refer to a non-publicly traded, limited liability company or any other business entity that fulfils any one of the following criteria:
Exemption for true holding companies, asset holding companies (e.g. real estate and ships) as well as companies with a demonstrable purpose of existence e.g. facilitating currency trades, asset transfers, corporate mergers, etc shall also be included in the definition.
Related Article: Cyprus joins the aversion to shell companies.Back to Articles Back to B2B Lateral Thinking Solutions
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