UK Government Praises Cyprus' Anti-Money Laundering Systems
According to a report
in Cypriot news service Phileleftheros, Cyprus has been praised
by British government officials for its good record in the fight
against money laundering. Michael Carney, a member of the finance
and taxation team of the Foreign Office’s Economic Policy
Department, is reported to have said that Cyprus’s record
with respect to money laundering activities has been scrutinised
and the island has emerged "clean". According to Mr Carney,
the British team has based its findings on two reports, the first
of which was undertaken by the Council of Europe in 1998 and the
second by the Financial Action Task Force (FATF), which in June
2000 identified 15 countries deemed to facilitate the passage
of "dirty" money. Cyprus did not make the FATF list
and now Mr Carney has come out in open praise of the local authorities
in Cyprus for their good work in the fight against this type of
economic crime. However, Mr Carney
did say that it was normal for commercial centres to attract both
clean and dubious money, and stressed it was important for Cyprus
to remain on alert. He warned Cypriot officials against resting
on their laurels and prompted them to continue their hard work. .
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