Online Trader Eyes Kingdom

An online trading firm based in the tax haven of Cyprus is planning to open a subsidiary in Cambodia, an account manager at IronFX’s headquarters in Cyprus said yesterday.

“We are on the planning stage in Cambodia. We are now studying law and regulations in the country right now,” account manager Siwapong Meesuntree said by Skype. …

When asked about reports from sources at recruiting firms in Phnom Penh that local staff had already been hired to receive training at IronFX’s headquarters in Cyprus, Siwapong replied: “We will have Cambodia staff very soon.”

Cyprus’s financial services industry has been in the spotlight this year following that country’s financial crisis. The island nation’s financial services industry had grown massively through a combination of tax and regulatory incentives, including a high level of secrecy that can, in some cases, “make the disclosure of information in Cyprus offshore bank accounts … punishable by the law”, according to tax haven experts. “Bank employees and other persons who are associated with Cyprus banks must take an oath of secrecy,” the website Taxhavens.biz says. …

http://www.phnompenhpost.com/2013043065307/Business/online-trader-eyes-kingdom.html