EXPERTS from the International Monetary Fund (IMF) arrived here yesterday at the invitation of local law enforcement authorities for an update on Cyprus’ compliance with anti-money laundering standards.
Speaking to reporters, Eva Papakyriacou, head of the unit for combating money laundering, MOKAS, said the IMF team was not conducting an investigation per se.
She said it was MOKAS who took the initiative to invite the foreign experts here for an on-site visit, in order to provide the IMF with an update on how Cyprus’ anti-money laundering legislation complies with international standards.
Usually, requests for information by the IMF are handled via email and teleconferencing, said Papakyriacou:
“However, in order that no loose ends remain, we proposed the [IMF] team to visit Cyprus and receive clarifications in a transparent manner, so that they can have a fuller picture.”
The IMF experts leave today. During their stay they will be meeting with MOKAS, as well as with finance ministry officials and the bar association.
The issue of regulation was highlighted by the recent public debate in the press regarding bank confidentiality, following reports that Cyprus was providing Russian authorities with bank information ostensibly without going through the proper channels.
A section of the local media suggested that this jeopardised Cyprus’ credibility and the confidentiality on which the banking system is based.
Shortly after, MOKAS responded with a statement noting that there was “no issue of discrediting Cyprus’ financial sector since, as a lawful state, we ought to cooperate with foreign authorities in the cases where it is justified.”
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