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Image header Agence Europe
Europe Daily Bulletin No. 10839
ECONOMY - FINANCE - BUSINESS / (ae) cyprus

No mud for Cyprus in money-laundering audit

Brussels, 02/05/2013 (Agence Europe) - The initial outcome of an investigation by Moneyval and the Deloitte consultants on implementation of anti-money-laundering measures in Cyprus has been sent to the troika (European Commission, ECB and IMF). “The programme partners are currently reviewing the findings of the reports, which will form the basis of recommendations, if appropriate, in an action plan for Cyprus”, said Simon O'Connor, spokesman for EU Economic and Monetary Affairs Commissioner Olli Rehn. The audit's findings will not be published, but Cypriot Finance Minister Harris Georgiades said they would be positive: “The situation for Cyprus is far better than what perhaps many abroad wished to portray”. A European source expressed concern, however, that some shortcomings had been identified that will need to be dealt with, as promised Nicosia. The eurozone made the investigation one of the criteria for lending Cyprus money after a report by German secret services in November 2012 said that Cyprus was used to transit dirty money from Russia. The management board of the European stability mechanism (ESM) will meet on 8 May to authorise the disbursement of the first batch of aid to Cyprus, which an ESM source suggests will be made in the middle of May. (EL/transl.fl)

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