Cyprus Finance Ministry welcomed the decision of the Indian Finance Ministry to include Cyprus regulated funds to the first category of Foreign Portfolio Investors, noting that the change in the classification comes following the efforts of the Republic and all stakeholders to improve Cyprus' record in anti-money laundering and combating terrorist financing.

“This development provides significant advantages to Cypriot investment funds which could proceed with investments in India with greater ease and effectiveness.”

The Ministry also said that Finance Minister, Constantinos Petrides, expresses his gratitude to his Indian counterpart Shri Narayanan Sitharaman and the government of India in general over the decision “which will further strengthen the relations between the two countries, providing new opportunities for more growth and prosperity.”

The Ministry noted that the change in the classification also come following efforts undertaken by both the government and all stakeholders in combating money laundering and terrorist financing, which are reflected in the Council of Europe’s Moneyval report in February 2020.

Concluding the Ministry said the Republic remains committed to continue working on towards that end.