The Cyprus Stock Exchange (CSE)
has denied local speculation that its bid last December to upgrade
its status with the Union of European Stock Markets failed due
to money laundering allegations against the CSE.
The CSE is attempting to upgrade itself from a 'correspondent'
to an 'associate' member of the Union of European Stock Markets.
The Union is due to consider the CSE upgrade request again in
May, and recently released a report on the CSE which praised its
legal structures but was critical of the CSE's long standing delays
in processing share titles. The report made no mention of money
laundering.
In a statement issued last week the CSE categorically denied the money laundering rumours. "Its sad that these facts have been erroneously connected with statements regarding a mini-crash, money laundering and mob connections" CSE Chairman Dinos Papedopoulos said in the statement
.
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