Cyprus proposes bill to block companies threatening national security amid scrutiny of Turkish-linked firm
A new bill submitted to the Cypriot parliament aims to empower the Registrar of Companies to strike off or refuse registration of any company deemed to harm the Republic, national security, or public order without providing explanations. The legislation comes amid heightened attention on Oxygen Forensics Inc, a firm linked to a Cypriot company with major Turkish shareholder Fatih Osman, which is under investigation by US authorities.
The bill intends to safeguard Cyprus against entities with Turkish interests perceived as threats, allowing authorities to reject or refuse applications silently. Officials emphasize the measure reflects ongoing concerns stemming from the Turkish invasion and occupation of Cyprus. The Department of Registrar of Companies and Intellectual Property, together with the Ministry of Energy, Commerce, and Industry, drafted the bill, which has been vetted by the Law Office of the Republic.
Previously, Turkish nationals could register companies in Cyprus, but the Registrar's office has initiated procedures to vet such registrations more rigorously. Registrar Eirini Mylona Chrysostomou confirmed that measures were being developed to provide stronger legal grounds to refuse registrations, aiming to enhance national security protections.
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