News Column

Cyprus Says Lenders Distorted Money-laundering Findings

May 24, 2013

International lenders have distorted Cyprus' track record in fighting money laundering, its central bank said Friday.

Nicosia had to undergo an extensive money-laundering investigation before it could receive a 10-billion-euro (12.95-billion-dollar) international bailout last month. Another condition was that Cypriot bank depositors contribute to the rescue package.

The central bank said the summary of two investigative reports into money laundering carried out by the European Commission, the European Central Bank and the International Monetary Fund did not give a synopsis of the main findings "but rather a description of the perceived weaknesses of the system, drawing inferences where none exist in the original reports."

In contrast, reports by Deloitte Financial Advisory Srl and Moneyval, the Council of Europe's money-laundering watchdog, indicated that "anti-money-laundering preventative measures and procedures in banks are generally sound," the central bank said.







Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters