Cyprus challenges accusations of weak anti-money laundering controls
The Central Bank of Cyprus and the Cypriot finance ministry have attempted to play down the findings of two reports into anti-money laundering (AML) controls in the country, saying a summary of the reports that has been circulated gives a biased view of the results.
The summary, dated May 10, says that "while identifying no regulatory weaknesses, both reports suggest that there are substantial shortcomings in the implementation, by banks, of AML preventive measures".
The summary sets out four
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