Limassol, September 2008 -- The Cyprus House of Representatives is only a few months away from finally passing “The Regulation of Fiduciaries, Company Directors and Corporate Services Consultants Bill of 2008,” in an effort to ensure that fiduciary services on the island are administered by “fit and proper persons.”  

The bill, expected to be ratified before the end of year, was first drafted at the end of 2006 in reaction to the relevant EU directives to that effect. The bill empowers the law’s Supervisory Authority, the Central Bank of Cyprus (CBC), to investigate Fiduciary Services providers and report its findings to the newly-formed “Unit for Combating Money Laundering Offences” established under the “Prevention and Suppression of Money Laundering Activities Law of 2007.”  

The draft bill is a comprehensive piece of legislation aiming at mainly regulating the following: 

-Formation, management and administration of Trusts whether established under Cyprus or Foreign law (including acting as or providing corporate/individual trustee(s) or protector).

 -Formation, management and administration of companies, partnerships or other unincorporated bodies whether established under Cyprus or foreign law (including the provision of corporate/individual directors, or secretaries, nominee services and registered offices) This development will instill more confidence into the minds of interested people, especially professionals, and further strengthen the island’s already robust reputation of being an established business center.