|Cyprus to Create Trust Registry|
The Cabinet on 20th of August 2013 approved bills that will strengthen the island's anti-money laundering framework further and increase financial transparency. One of the bills concerns the creation of a registry of trust registries, which will be kept by the relevant supervisory authorities. A second bill gets rid of an article in the trust law that exempts international trusts from registering. The bills are part of Cyprus' bailout agreement and would have to be approved by parliament by September 11 - before the release of the second tranche of financial assistance.
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Published on our website on August 22, 2013