News 

Exclusive: Cyprus Consumer Protection Agency Condemns IronFX Over Bonuses

“The Cyprus Consumer Protection Bureau has issued a statement outlining that it has taken an administrative action against IronFX. The news comes amid years of scrutiny over the practices of the Cypriot brokerage company” reports financemagnates.com. According to a decision made by the authority, IronFX has an unfair contractual clause in its client agreement. Source: financemagnates.com Share This:

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Brokers News 

Op Ed: Where to license your FX brokerage in 2018 – Stick with the established and avoid the bogus

“It is a myth that it is cheaper and easier to set up a brokerage in an offshore region or Cyprus” writes Haris Constantinou for financefeeds.com. The CySec license is just for marketing, not really for your business activity.” That sentence in itself is enough to ring the alarm bell.FinanceFeeds spoke to a prime brokerage division of a large bank in London this week. Source: financefeeds.com Share This:

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FBI investigates Cyprus bank accused of money laundering

“FBME has vigorously denied accusations that it has been a conduit for money laundering and other criminal activity” writes Stephanie Kirchgaessner for theguardian.com. A report by the US Treasury’s Financial Crimes Enforcement Network (FinCEN) in 2014 said the bank was an institution of “primary money laundering concern”.A spokesman for FBME bank told the Guardian that Manafort was never a client of FBME. Mueller’s team has separately issued a subpoena for information from Deutsche Bank.The FBI has asked officials in Cyprus for financial information about a defunct bank that was used…

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News Oil 

Cyprus, Egypt, Greece agree to bolster maritime security

“Defense cooperation will ensure the security of shipping and the search for hydrocarbons,” the Greek minister said” reports foxbusiness.com. Kammenos said the defense ministers will meet again in the first half of next year.The defense ministers of Cyprus, Egypt and Greece agreed Thursday to step up cooperation in combating drug, weapons and people trafficking in the east Mediterranean and to share information on countering the threat of terrorism.The Egyptian official said intelligence-sharing between the three countries is also a key element of cooperation aimed at heading off potential threats to…

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Egypt says gas discoveries can be EU’s new energy source

“Egypt and Cyprus have in the last three years aimed at forging closer ties as part of a relationship built largely on energy cooperation” reports foxbusiness.com. El-Sissi said Tuesday’s talks will also aim to boost energy cooperation between the three countries.”These gas discoveries can contribute to the European continent’s search for alternative energy sources, taking advantage of the position of Egypt and Cyprus,” El-Sissi said after talks with his Cypriot counterpart.Two years ago, Italian energy company Eni discovered in Egyptian waters the biggest gas field ever found in the Mediterranean.President…

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Countries in Manafort indictment known to laundering experts

“The other two countries in the Manafort indictment play decidedly smaller roles in both Manafort’s alleged operations and international money laundering overall” reports foxbusiness.com. “They don’t ask questions about what their banks know about their customers, which is a basic requirement to stop money laundering,” said Ted Truman, a fellow at the Peterson Institution for International Economics and an expert on money laundering.In the indictment, Manafort allegedly had at least two offshore corporations based in the Grenadines.There’s a fourth country worth noting that gets listed repeatedly in the Manafort indictment:…

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The Tax Havens at the Heart of the Manafort Indictment

“Gabriel Zucman, the author of The Hidden Wealth of Nations: The Scourge of Tax Havens, estimates that $7.6 trillion is stashed in tax havens around the world” writes Krishnadev Calamur for theatlantic.com. Then there are the lists maintained by organizations like Oxfam, the charity group, and the Tax Justice Network, which specializes in the study of overseas tax havens.The European Union maintains a black list of tax havens based upon lists maintained by its individual member states.It is regulations like those, combined with little to no corporate taxes, that allow…

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Former ConversionPros executive Katy Parks joins Tradeworks as FinTech firm expands Cyprus presence

“A familiar face is always welcoming within the business to business electronic trading sector that is now burgeoning on the island of Cyprus” reports financefeeds.com. Today, FinanceFeeds spoke to Katy Parks, who has joined Tradeworks, a fintech specialist founded and lead by former Saxo Bank executive Mikael Breinholst, as part of the firm’s expansion within Cyprus.The talent base on the island has become a mainstay within every sector of the industry, and thus prominent figures are now established names within the business globally. Source: financefeeds.com Share This:

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Orphaned by war, wild donkeys make a comeback in Cyprus

“Ears back and snouts pulled into a grin, the donkeys stick in their muzzles in the hope of a reward” writes Aol Staff for aol.com. APOSTOLOS ANDREAS, Cyprus, Aug 21 (Reuters) – Left behind by technology and cast aside during war, feral donkeys are munching their way to a revival on a remote peninsula in northeast Cyprus – and they are impossible to miss. Source: aol.com Share This:

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