Cyprus has nothing to hide from closer bank scrutiny
January 24, 2013
NICOSIA: Cyprus has nothing to hide from closer EU scrutiny of its financial sector, an official said Tuesday, with Germany reportedly baulking at a bailout deal for the Eurozone member due to money laundering claims.
“Cypriot authorities, with transparency, will continue to focus on this issue and we have no objection in cooperating with organisations or committees that deal with this issue,” government spokesman Stefanos Stefanou told state radio.
“We have nothing to hide regarding the allegations (money laundering) against Cyprus,” he added.
Eurogroup finance ministers made no decision on a rescue package for Cyprus at a meeting in Brussels on Monday because negotiations on bank recapitalisation are continuing.
They said a decision would most probably be taken in March.
After Monday’s Eurogroup meeting, German Finance Minister Wolfgang Schaeuble was quoted in media reports as suggesting that worries still persisted over Cyprus because of a perceived lack of transparency.
He said Eurogroup ministers were demanding “stronger surveillance” of money laundering and stronger transparency on bank fraud.
“Cypriot authorities, with transparency, will continue to focus on this issue and we have no objection in cooperating with organisations or committees that deal with this issue,” government spokesman Stefanos Stefanou told state radio.
“We have nothing to hide regarding the allegations (money laundering) against Cyprus,” he added.
Eurogroup finance ministers made no decision on a rescue package for Cyprus at a meeting in Brussels on Monday because negotiations on bank recapitalisation are continuing.
They said a decision would most probably be taken in March.
After Monday’s Eurogroup meeting, German Finance Minister Wolfgang Schaeuble was quoted in media reports as suggesting that worries still persisted over Cyprus because of a perceived lack of transparency.
He said Eurogroup ministers were demanding “stronger surveillance” of money laundering and stronger transparency on bank fraud.
