Online Trader Eyes Kingdom

30 April 2013
The Phnom Penh Post
Banking and financial services / Economy and commerce / Investment / Law and judiciary
Anti-money Laundering Laws / Anti-Money Laundering Laws and Practices / CIFs / Cyprus / Cyprus Bank / Cyprus Exchange Commission / Cyprus Investment Firms / Cyprus Securities and Exchange Commission / Cyprus Securities Commission / Cyprus’s Financial Services / Europe / International Financial Services Group / IronFX / IronFX’s Headquarters Account Manager Siwapong Meesuntree / Money laundering / Russia / Russian Mafia / Siwapong Meesuntree / Southeast Asia

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