Proposed Law Would Attract Dirty Money to Northern Cyprus, Experts Warn
A draft law allowing offshore funds to be brought into northern Cyprus with little oversight could turn the breakaway territory into a money laundering hub, experts warn. The draft law was discussed on Tuesday by the assembly that governs the territory, which is recognized as a state only by Turkey. The proposed legislation — which would charge 3 percent interest on imported funds until the end of 2025 — still needs to be voted on by the Turkish Cypriot assembly. But the proposal has already raised concerns. “Once the 3 percent tax is paid and the money is deposited in…