Moneyval and Deloitte reports

The Treasury Department issued two Moneyval and Deloitte reports on banks’ diligence in relation to money laundering. Among the allegations contained in the reports stressed the need to strengthen the legal framework for combating money laundering.

It is also reported that the 100 largest investors and borrowers in Cyprus are mainly legal entities using Cyprus as a residence, but having countries of origin such as Russia, Ukraine, Greece and others.

Cyprus Financial Assistance Package

IMF participation in saving the economy of Cyprus will amount to 1 billion euros over three years, said the head of the fund Christine Lagarde, noting that the package of this assistance must be approved by the Council in early May. The total package will be 10 billion euros, depending on the decision of the Eurogroup. “The IMF technical team agreed with the Cypriot authorities on the economic program supported by the IMF, the EU and the European Central Bank. The combined package of € 10 billion will greatly assist Cyprus in meeting its financing needs, including its debt service obligations necessary to restore a healthy economy and access international markets, ”said Lagard.