As anti-money-laundering auditors begin work in Cyprus, some experts, such as the head of European operations for US due-diligence firm Kroll, are questioning the value of the exercise.
EU lenders want it to shed light on whether bailout money will be used to protect the savings of Russian criminals.
But for a pro-transparency task force, its work is so far shrouded in secrecy.
The operation is being co-ordinated by the European Commission, the International Monetary Fund an...
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Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.