CYPRUS: MONEY LAUNDERING AND POLITICAL INTRIGUE ON A DIVIDED ISLAND
January 1st, 2013
CYPRUS is under intense pressure to clean up its act - at least on the south of the island, controlled by the internationally recognised government- in battling what some foreign creditors, with Germany at the forefront, see as a widespread money laundering problem. The Mediterranean country's economy received massive losses following the haircut of closely-related Greece’s sovereign debt. However a European Union (EU) bailout loan is far from certain yet as many EU countries fear they will effectively protect the offshore banking deposits of criminals.A ...
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