Number of Shell Companies in Cyprus

There are around 12,000 shell companies that are registered in Cyprus. These companies are in paperwork only and have no physical presence in the country.

In a classified report conducted by accounting firm Deloitte in March -April 2013, the firm found that the number of suspicious financial transactions was 30 times the number that officials in Cyprus reported.

(More examples of laundering and shell companies.)

Source:  Andrew Rettman, “Cyprus gets €2bn despite money laundering concerns,” EUObserver, May 14, 2013.