In the course of the negotiations regarding financial support
for Cyprus in the first quarter of 2013 a number of allegations
were made that the financial system in Cyprus was extensively
abused for money laundering purposes as a consequence of weak
anti-money laundering procedures and laxity in their
application.
Deloitte, the international accounting firm, and Moneyval, a
monitoring body of the Council of Europe, were commissioned by the
Cyprus authorities and the providers of international financial
support to carry out an in-depth review of the effectiveness of
Cyprus's anti-money laundering regime.
In May 2013 a statement purporting to summarise Moneyval's and
Deloitte's conclusions, compiled by the "troika" of
providers of international financial support, was leaked to the
press. The Central Bank of Cyprus issued a point-by point
refutation of this statement shortly afterwards.
The Cyprus government has now published the reports compiled by
Deloitte and Moneyval in order to put an end to misinformed
speculation on this topic. Links to the reports can be found
below.
It is clear that the reports have been interpreted, and their
conclusions presented, very differently by the various stakeholders
involved. Publication of the reports will allow people to form
their own independent conclusions.
To view a copy of the Deloitte report please follow this link: Deloitte report
To view a copy of the Moneyval report please follow this link:
Moneyval report
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