Etymology A copper mine in Cyprus. In antiquity, Cyprus was a major source of copper.
Senior Fellow, Alliance for Securing Democracy Introduction In Nicosia, regulators last month imposed a modest fine on a minor bank for technical violations of anti-money laundering rules. In Moscow, the former owner of that Nicosia bank sits in prison for his alleged role in one of the largest money laundering schemes of all time.
A small Cypriot institution called Cyprus Development Bank 1 had violated certain unnamed provisions of anti-money laundering regulatory requirements between andthe Central Bank found. The statement was issued on May 22, and since then it has garnered scant media attention.
Around the same time, Cyprus Development Bank shareholders resolved a long-running dispute.
The older owners prevailed, taking back majority control of the bank. While the new investors were no doubt disappointed with their loss, legal wrangling in Cyprus likely took a back seat to developments in Russia, where they were caught up in a massive money laundering scandal.
In fact, one of the investors was sentenced last year to nine years in prisonand he and his partner had seen the licenses of their numerous Russian banks and broker-dealers revoked by Russian regulators.
A Larger Matter Unlike the obscure bank in Cyprus that they bought intheir dealings in Russia made headlines across the world.
A former FSB officer who worked in the security department at Kreditimpex accused the bank of facilitating sophisticated money laundering activities on behalf of organized crime.
The best way for the Central Bank of Cyprus to ensure that they are not repeated is to mount an internal investigation, publish the results, accept responsibility, and implement appropriate changes to policies and procedures.
Rather, it comes across as an attempt to sweep unpleasant matters under the rug. Will regulators be constrained if they discover malfeasance at the larger, more powerful banks, many of which are also tightly linked to Russia through ownership or clientele?
That pressure comes from the very top of business and government. The lack of transparency in the case of Cyprus Development Bank will only feed the perception that the government prioritizes preservation of the current business model over combating illicit activity.
This impulse is understandable, as the Cyprus business model is in fact under strain. The Cypriot government can see that the patience of the United States and the European Union with illicit financial activity in Cyprus — and illicit Russian financial activity in particular — is wearing thin.
His meetings in Cyprus followed shortly on the heels of his trip to Latvia, which has begun to take strong steps to clean up its non-resident banking sector since the targeting of the third-largest Latvian bank by Treasury in February.
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|DIAMOND DOTZ®||True, when Mehmet Ali Talat and Demetris Christofias, the leaders of the Turkish and Greek Cypriot communities, first sat down last September, prospects looked better than at any time sincewhen the Greek Cypriots overwhelmingly rejected the painstakingly negotiated UN Annan Plan that the Turkish Cypriots had earlier endorsed. There was the fact that Talat and Christofias, who had ousted his now-deceased nationalist predecessor Tassos Papadopoulos in March presidential elections, share leftist credentials as well as the belief time is running out if there is ever to be a deal to pull the island together.|
Cyprus may logically fear that it will be next. But devotion to reputation above all else will only make the crucial and unavoidable realignment of the Cyprus business model far more painful and wrenching than it need be. The prerequisite for a sustainable, albeit smaller, financial and professional services sector in Cyprus is transparency and accountability at the top.
The views expressed in GMF publications and commentary are the views of the author alone. As the name implies, Cyprus Development Bank was established in to promote the development of industry and tourism.
The government privatized the bank in in Under present arrangements, the Central Bank of Cyprus would be involved in the review of the purchase of a bank but would be required to submit its report to the ECB for the final decision.NIPD Genetics Nicosia based NIPD Genetics was founded in as a spin-off from the Cyprus Institute of Neurology and Genetics.
They have since revolutionized the design, development, and manufacturing of vitro diagnostic services for non-invasive genetic testing. Car hire in Cyprus - SAVE 25% to 60% off.
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Cyprus forum covering Kapparis, Protaras, Pernera, Agia Napa, Agia Thekla, Paralimni, Larnaca, Oroklini, Pervolia & surrounding areas. Fan Page Cyprus. Join our Facebook community and learn about promotions & activities unique to Stanleybet Cyprus on the social network. The Cyprus Problem by James Ker-Lindsay is concise about the divided island’s history before and after independence.
Before , Britain was the island’s colonial master. The island wasn’t allowed to join the Greek nation. Cyprus Post has set their strategic objective of offering postal and non-postal services. At the same time they have a traditional social aspect in their mission which they strive to enhance, in line with the overall government policy for the improvement of the services provided to the citizens.