The Global Forum is the international body within which work in the area of transparency and exchange of information has been carried out by both OECD and non-OECD economies since 2000.
On 21st and 22nd of November 2013, the Global Forum released the ratings for the jurisdictions for which the latest round of reviews was completed. Cyprus underwent the Phase 1 review in the 2nd half of 2011 and the Phase 2 review in the 2nd half of 2012, and was awarded an overall rating of “non-compliant” together with other jurisdictions (including Luxembourg).
The Cyprus Ministry of Finance press release on the assessment of Cyprus mentions the following:
During the Global Forum meeting in Jakarta, Indonesia, on the 21st and 22nd of November 2013, the Global Forum released compliance ratings for 50 jurisdictions which had both phases of their assessments completed: a) legal and regulatory framework, and b) practical implementation of the framework. Read more