Business Corruption in Cyprus
The overall aim of the Cyprus country profile is to provide companies and organisations with an analysis of how corruption affects the country’s political environment and business climate. Throughout the profile, readers can find detailed descriptions of the country's efforts in curbing corruption, corruption-related legislation, risk-prone sectors and industries, and more. This profile's General Information chapter provides an overview of anti-corruption activities and corruption risks in relation Cyprus’ political, business and regulatory environments. The Cypriot government has established a strong legal framework for combatting corruption and has continuously worked on improving and amending its laws to be more in line with the European conventions on corruption. The following are some of the initiatives the Government of Cyprus has undertaken in order to curb corruption:
- The government has amended its Criminal Code in 2012 in order to be in line with the provisions of the Criminal Law Convention on Corruption.
- Cyprus enjoys a strong and independent judiciary able to enforce and protect the property and contractual rights of investors.
- Several sources, such as the US Department of State 2013, have indicated that corruption is not the most pressing issue for investors in Cyprus.
Despite these efforts the government still faces various challenges revealing the extent of corruption within the different levels of government and sectors, including:
- The government has no anti-corruption strategy and lacks an independent authority mandated solely to fight and investigate corruption.
- There are no clear provisions in Cyprus’ legislation that provide for the protection of whistleblowers.
- Several sources point to Cyrus as a haven for money laundering, a factor which has contributed to the financial crisis the country is witnessing today.
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