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Cypriot banks temporarily closed in March after almost going bust on bad investments in Greece (Photo: truthpaint)

Leaked report damns Cyprus on money laundering

Almost 60 percent of one Cypriot bank's clients are "high risk" in terms of money laundering and almost a third of all bank depositors' records contain errors, a leaked EU report says.

The confidential paper - published at the weekend by Cypriot website stockwatch.com.cy - was drawn up in April by Moneyval, a unit of the Strasbourg-based Council of Europe, and by US accountancy firm Deloitte on the requ...

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Author Bio

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.

Cypriot banks temporarily closed in March after almost going bust on bad investments in Greece (Photo: truthpaint)

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Author Bio

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.

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