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Cyprus Missed AML Deadlines, Bailout Report Finds
By Colby Adams
printCyprus has missed deadlines to improve its anti-money laundering regime under terms brokered last spring to receive a €10 billion euro bailout, according to a review by the European Commission. In the 142-page review published Wednesday, officials from the EU Commission, European Central Bank and International Monetary Fund concluded that the country's economic adjustment program was "on track" but that Cyprus had not met "ambitious deadlines" to finalize changes to its anti-money laundering (AML) directive. Among a raft of other mandatory and mostly prudential reforms, Cyprus agreed to revise and enforce its rules ensuring the "adequate, accurate and timely" supply of...
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