In a decision made during its meeting on February 2025, the board of CySEC imposed an administrative fine of €1,250 on Cyprus Investment Firm (CIF) iTrade Global (CY) Ltd.
The company, identified by Legal Entity Identifier (LEI) 213800S1DAWWOXFDGQ42, was found to be in breach of paragraphs 5(d) and 11 of the Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing, officially known as Directive 157/2019.
CySEC noted that the penalty reflects non-compliance with specific provisions aimed at upholding anti-money laundering and counter-terrorism financing standards within the financial sector.
This growth reflects a broader trend across Southern and Mediterranean Europe, where warmer climates and rising interest in off-season travel continue to draw tourists despite a backdrop of global uncertainty.
According to the latest data from the European Travel Commission, European tourism sustained strong momentum in the first quarter of 2025.
This follows a milestone year in 2024 when international arrivals across the continent officially returned to pre-pandemic levels.
In the first months of 2025, international arrivals across Europe increased by 4.9 per cent compared to the same period in 2024.
What is more, overnight stays also saw growth, rising by 2.2 per cent year-on-year.
The initiative, backed by the state, Invest Cyprus and the Cyprus-India Business Association, has also become a core part of Eurobank’s investment strategy following its full acquisition of Hellenic Bank.
Beyond strengthening its footprint on the island, Eurobank is aiming to turn Cyprus into a launchpad for companies from India and the wider Middle East seeking access to EU markets.
As part of this approach, the group is proceeding with plans to open a representative office in Mumbai, to deepen ties with Indian businesses and support entrepreneurs and investors looking to scale their operations in both directions.
According to a report published on Thursday, Cyprus rose five places in the global rankings to reach the 40th position worldwide.
This marks a significant milestone for Cyprus, which is also ranked second globally among countries with populations under two million.
Moreover, Cyprus recorded an ecosystem growth rate of 28.22 per cent, the highest in the European Union for the second consecutive year.
The report highlighted a 71 per cent increase in the number of startups in Cyprus compared to 2024, underlining the momentum that the local innovation landscape continues to gain.
In terms of regional performance, Cyprus now ranks fourth in Southern Europe.
All four of Cyprus’ startup-recognised cities (Nicosia, Limassol, Larnaca and Paphos) made measurable progress in the global index, a unique achievement for a country of its size.
The only way for the tourism sector to continue its upward trajectory and its significant contribution to the Cypriot economy is through collective effort, according to Deputy Minister of Tourism Kostas Koumis.
Koumis’ statements were delivered during an event hosted by Nordic Leisure Travel Group (NLTG) earlier this week.
Nordic Leisure Travel Group is one of the most important providers of organised travel in the Scandinavian countries, bringing tourists to Cyprus, especially Ayia Napa and Protaras.
According to a statement from the municipality of Ayia Napa, Koumis said in his address that “for the first time, the tourism sector surpassed four million arrivals, while at the same time, tourism’s contribution to the national economy exceeded €3 billion”.
The year 2024, he said, “is undoubtedly a milestone year for Cypriot tourism”.
In response to the data, the Finance Ministry stressed that the Cypriot economy continues to display significant resilience compared with other European economies, effectively managing the risks posed by the external environment.
In an official statement, the ministry said that “the growth rate of 3 per cent in the first quarter of 2025 is significantly higher than the European average” and “more than double the average of the eurozone and the EU, which stand at 1.2 per cent and 1.4 per cent respectively”.
“With such a growth rate amid an extremely uncertain global economic climate, it is anticipated that the economic slowdown and impact of tariffs in 2025 will not be as pronounced for Cyprus as they will be for other EU countries,” the ministry added.
Consulting and advisory firm PwC Cyprus has teamed up with CIM-Cyprus Business School to launch a joint work-study programme, according to an announcement released on Thursday.
The programme aims to offer young people the opportunity to pursue a degree in accounting and finance while working as paid professionals at PwC Cyprus.
Through the scheme, participants will study for the three-year ‘BA (Hons) Accounting & Finance’ degree, awarded by the University of West London and delivered by CIM in Nicosia and Limassol.
According to the announcement, candidates will attend evening classes and work simultaneously, receiving both a salary and a scholarship from PwC.
The initiative falls under the ‘Education and Culture’ pillar of the PwC Foundation and is designed to connect academic education with practical work experience.
