US records Cypriot steps on corruption

US records Cypriot steps on corruption

Cyprus has come a long way in dealing with anti-corruption and anti-money laundering issues, making key strides in restoring the Republic’ reputation, the United States ambassador to Cyprus, Judith Garber, said last week at the 2nd EY Cyprus Attractiveness Forum.

She added however that “doubts linger in many corners,” and told the audience that “as businessmen, you understand once trust is broken, it’s difficult to restore.”

Garber, who was referring to the potential to attract further US investment to Cyprus, said that investors from the United States, as elsewhere, look for predictable, stable environments, with assurances that agreements and contracts will be honored, and with efficient dispute resolution systems – whether through the courts, mediation or arbitration – when the sometimes unavoidable disagreement arises.

“It has long been a tenet of American economic diplomacy that our companies can compete with the best in any market if there is fair competition. And the most insidious factor in undermining fair competition is corruption,” she noted. She added that it was important that Cyprus was taking steps to address the risks of corruption and that these steps would build the confidence of foreign investors.

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