Cyprus banking secrecy still apply!

[negon]

I found this http://www.centralbank.gov.cy/media/pdf/ibpbe_totalflexibility.pdf and it clearly states that Cyprus still holds the banking secrecy.

However, I don't understand how this is possible if they have to comply with TIA and other information exchange programs?

Banking secrecy
Our banking law provides for extensive banking secrecy and confidentiality,
breaches of which carry heavy penalties. The same level of confidenti
ality applies to the
relationship between the Central Bank of Cyprus and banks.

It's interesting and comes direct from the centralbank of Cyprus.
Κεντρική Τράπεζα της Κύπρου - Οικοσελίδα

 

[happyjohn]

Wonder how this apply to the tax transparecy that OECD apply and the form you have to fill when a US Citizen apply for an bank account in Cyprus.

 

[neilbhabuta]

Interesting... thanks for this post. Was looking for this and even asked on another thread whether it still applied lol. Wonder how?

 

[Jack Dui]

Banks of Cyprus used to keep secrecy and will continue in future also, in any how. Because this drives billions investment to them

 

[Rahul shetty]

Can you please tell me in simple English what is written there in the link you shared.. I am not a cyprus guy .