Cyprus against private firm probing its banks

World February 14, 2013

Cyprus against private firm probing its banks

NICOSIA, Cyprus (AP) — Cypriot authorities are against letting a private firm audit its banks to dispel money laundering allegations.

Cyprus is seeking an international rescue for its ailing economy and banks which have been criticized — particularly in Germany — for failing to halt money laundering by Russian clients. Eurozone finance ministers this week said a private firm would be dispatched to assess Cypriot banks.

But a spokesman for presidential election front-runner Nicos Anastasiades says the audit must be handled by a European or international body, not a private company. Thursday's statement by Tassos Mitsopoulos comes a day after the outgoing government also ruled out an audit by a private firm.

Cypriot authorities claim an audit by a private company would go against Cypriot and European law.

Subjects
- Business,
- General news,
- Financial crisis,
- Elections
Locations
- Cyprus,
- Western Europe,
- Europe

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