The Bank of New York has awarded the Bank of Cyprus the “STP AWARD 2023” for the third consecutive year, recognising the high-quality procedures the Bank follows in the area of fund transfers via the SWIFT system.

The Cyprus Securities and Exchange Commission (CySEC) on Tuesday reported that the total assets under management (AUM) for the country’s collective investment sector reached €9.4 billion in the second quarter of 2024, reflecting a 2.88 per cent increase from the first quarter.

Over the past decade, the rise of cryptocurrencies has led to increased litigation, particularly in cases involving allegations of fraud. A recent decision by the Nicosia District Court in JDH & others v. T Ltd & others highlights the growing number of spurious claims against investment firms, often brought by investors seeking to recover losses from poor investment decisions. In this case, the investors obtained ex parte injunctions against T Ltd, alleging fraud and conspiracy. However, evidence presented by T Ltd revealed that the investors had willingly engaged in cryptocurrency trading and failed to disclose critical facts to the court. The court ultimately criticised the applicants for non-disclosure and stressed the equitable principle that “He who seeks equity must do equity.” This case underscores the importance of full and frank disclosure in applications for injunctive relief and the high standards of good faith required when invoking the court’s equitable jurisdiction.

Cyprus’ trade deficit reached €4.98 billion in the January-August period, down 18.5 per cent compared to €6.12 billion in the same timeframe last year, according to a report by the Cyprus Statistical Service (Cystat).

Our Partner – Dispute Resolution Katerina Philippidou, will be attending the annual AIJA Practical Complex Litigation – 3rd Annual Litigation Conference 2024 in London.

We are proud to announce that Elias Neocleous & Co LLC (ENC) has been awarded the sought-after title of Cyprus Tax Firm of the Year at the esteemed 2024 International Tax Review (ITR) EMEA Awards held in London.

Cyprus won the “Destination Award” at the Routes World Airline Conference, held in Bahrain from October 6 to 8, as its global reputation in air connectivity grows, the deputy Ministry of Tourism said.

PwC Cyprus is thrilled to announce the launch of PwC’s Academy Business Professionals Certificate (BPC), in October. It is a one-of-a-kind program, developed in partnership with the Institute of Chartered Accountants in England and Wales (ICAEW), aiming to equip individuals with the essential skills and knowledge crucial for succeeding in today’s competitive business landscape. Starting this October, the inaugural class will graduate in June 2026.

In the ever-evolving landscape of the Cypriot workplace, the topic of employee engagement has become a focal point, prompting discussions about its current state and whether it is reaching crisis mode. While the situation may not be deemed a full-blown crisis, there are unmistakable signs that demand attention and a strategic response from organisations across the island.

The Cyprus Shipping Chamber (CSC) has expressed its support for the innovative e-learning initiative, the ‘ICS Academy’,  launched by the International Chamber of Shipping (ICS).