ICPAC to present a ten-point document on the challenges facing Cypriot economy, its president tells CNA [VIDEO]

The Institute of Certified Public Accountants of Cyprus (ICPAC) will present ten proposals on the challenges facing the Cypriot economy, Marios Skandalis has said in a interview with CNA.

We intend for the first time to submit ten specific proposals to the government with a view to strengthening of the economy so it could withstand the various challenges and particularly external risks, Skandalis said speaking to CNA ahead the ICPAC’s Annual General Meeting (AGM) to be held on Wednesday in Nicosia.

The ICPAC outgoing President said that the Institute promotes corporate ethics and transparency, a matter also included in the ten-point document, noting that we couldn’t call on our members to promote transparency and corporate ethics without making our own steps towards that direction.

Skandalis noted that the ICPAC decided to hold consultations with the UK’s International Compliance Association (ICSA), aiming at drafting its own corporate governance code.

We will draft a rational framework of operation governing issues such as the formation of the board of directors, so that would could provide our members with a stimulus that this is direction they should follow, he said.

Cyprus a model of robust money laundering combating framework

Replying to a question on the outcome of his recent road shows to the US to promote the changes made in Cyprus anti money laundering framework, Skandalis said this year’s visit acted as a follow up mission to last year’s visit when they presented the amendments to Cyprus’ AML framework.

Furthermore, he added, the Cypriot mission made two presentations to the US’ main think tanks, the Atlantic Council and the Hudson Institute.

Indeed, through our data, the attendees had realized in the best possible way, and have told us so, that today Cyprus is perhaps a model of a robust framework to combat financial crime, he said.

Asked on the views of the European Commission on aggressive tax planning and Cyprus’ Investment Scheme, Skandalis pointed out Cyprus was not included in the recent report by the European Commission on member-states with lax AML framework.

He also noted that as an EU member-state Cyprus is not a tax heaven while it is included in the OECDs white list of cooperative tax jurisdictions.

Our concern as a credible financial services centre is to continue to keep this status, that is, of a robust tax framework that is both attractive and robust, he said.

Source: Cyprus News Agency