In recent years, the use of ‘virtual’ or ‘crypto’ currencies has become popular and Cyprus has become something of a focal point for this rapidly growing sector. However, such currencies are not problem free, as explained by Associate Christiana Nestoros in an article recently published in the Cyprus Mail. In her article Christiana explains why in the past such assets have proved to be attractive to the criminal fraternity and how and why the introduction of the 5th Anti-Money Laundering Directive in Cyprus is expected to alter this situation. The full article may be viewed by following this link.
For more information about this topic please contact Christiana Nestoros or speak with your usual contact at Elias Neocleous & Co LLC.