Negative news and tighter rules governing controversial citizenship-by-investment schemes have led some banks in Cyprus and Malta to review their internal policies for clients holding or acquiring "golden passports," sources say.
Ahead of next month's international appraisal of Cyprus' controls against financial crime, senior bankers in Washington, D.C., attributed the financial crisis that threatened to crater their country's economy in prior years to weak compliance with global standards.
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism published a mutual evaluation report concerning the anti-money laundering and counterterrorist financing regime of Cyprus, calling on the country to more aggressively pursue criminal proceeds.
February 12, 2020
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