NICOSIA – Negotiations between the Ministry of Finance and the technocrats of Troika to reach an agreement on the terms of reference governing the independent audit into Cyprus’ legal framework against money laundering and its implementation faced obstacles on Tuesday evening.
According to CNA sources, while at first the terms of reference were agreed, negotiations were subsequently blocked on the part of Troika.

“The issue of the terms of reference remains open”, a source said, without excluding the possibility of an agreement tonight or tomorrow to allow the procedure of a tender to choose an independent audit company to participate in the investigation for money laundering.
The audit into Cyprus’ legislation against money laundering will be conducted by an independent private firm with the participation of the Moneyval Committee of the Council of Europe.

Nicosia rejects allegations that Cypriot banks engage in money-laundering activities. The government has repeatedly said that it has “nothing to hide”, ahead of an independent audit of compliance with anti-money laundering regulations decided at a recent Eurogroup meeting. 

CNA