Cyprus is failing to stop the laundering of proceeds from corruption and other crimes committed abroad that pose the greatest threat to the country's financial system, an intergovernmental group claimed Wednesday. A 280-page report on the latest evaluation of Cyprus by Moneyval, the Financial Action Task Force's representative in Europe, gives high marks to the country's laws and regulations against money laundering, knowledge of financial-crime risks and willingness to assist foreign investigations. But the report raises an alarm over the apparent shortage of criminal investigations into Cypriot businesses and individuals suspected of involvement in global money-laundering schemes and lack of...
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.