Permissible Operations Since the accession of Cyprus to the European Union in May 2004, the Exchange Control Law,    CAP 199, has been repealed and the Capital Movement Law (Law No. 115 (I) of 2003) came    into force. As a result, all exchange control restrictions have been abolished and residents of    Cyprus are now allowed to transfer funds, effect payments and deal in foreign currencies,    without any  limitations. Accordingly, effective May 1st, 2004, Bank of Beirut s.a.l., Limassol, Cyprus, has initiated all    types of banking services in foreign currencies to residents of Cyprus, without any restriction.