Central Bank Exchange Control Regulations
From the 1st of February 1997 and onwards, the acquisition of property in Cyprus by foreigners and IBCs is not subject to the foreign exchange control. Thus, on disposal of the property the whole amount can be exported (after the tax obligations have been met).
The Banking Law 1997as amended, which establishes the legal framework within which banking business can be pursued, reflects the principles and rules of the EU directives on credit institutions. Furthermore, in accordance with the Prevention and Suppression of Money Laundering Activities Laws 1996 – 2004, the Central Bank is the supervisory authority for banks in this respect.
In this connection, the Central Bank has issued a series of directives to banks concerning strict customer identification procedures, record keeping, recognition and reporting of suspicious transactions, the appointment and duties of money laundering compliance officers, and education and training of bank employees in anti-money laundering matters and in combating the finance of terrorism.