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No money laundering here: says Greek Cypriot MP

30 January 2013

Greek Cypriot Speaker of the House, Yiannakis Omirou, yesterday, vigorously denied allegations that South Cyprus is a tax haven and money laundering centre for Russians, . He said that the allegations are “unfounded” and “unjust“.

The island fully complies with international conventions and European legislation against money laundering, Omirou said in a letter to his euro-area counterparts and to European Parliament President Martin Schulz.

The International Monetary Fund, the Council of Europe and the Organization for Economic Cooperation and Development have all given Cyprus high scores for the country’s adoption and implementation of the measures, he added.

South Cyprus has been in the spotlight after certain EU leaders suggested investment flows between Russia and the Republic of Cyprus are disproportionate, creating the suspicion that laundering may be behind the transactions.

The indebted island, eager to secure a full bailout from the EU and the International Monetary Fund, denies the claims.

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