Legislative proposal for foreign capital inflow discussed in Northern Cyprus parliament

The parliament of Northern Cyprus has fast-tracked the discussion of a bill concerning the inflow of foreign capital into the local economy. Finance Minister Ozdemir Berova stated that the legislation, initially paused due to concerns, has been refined following consultations with the central bank and the bankers' association. The revised bill includes tax exemptions and facilities for bringing in cash, gold, bonds, and other financial instruments. Minister Berova emphasized that these measures do not bypass anti-money laundering regulations. To address criticism, the authorities have mandated that all such transactions must be processed through regulated banking institutions. Representatives from the Republican Turkish Party (CTP) were present during the recent committee review on Thursday. The government claims the new framework aims to establish a safer, more controlled financial system to boost revenues. Despite these assurances, the bill continues to draw scrutiny regarding its regulatory oversight.