Cyprus Law | Money Laundering in South Cyprus

Cyprus Law – because of EU accusations that there is evidence of money laundering in south Cyprus going unchecked the south’s government has brought in help in the shape of FTI Consulting. This company’s ‘MD in FTI’s strategic comms practice’ responded by publicly announcing that the south now has ‘world class anti-money laundering rules and enforcement’. Let’s see, ‘strategic comms practice’? Is London based consultant Neil Doyle an expert in Forensic Accounting? You know, someone who studies the Cyprus Banks’ accounts to see if money laundering rules have been applied and enforced? Oh no, he doesn’t need to check these facts, his area of expertise is Strategic Consulting. According to FTI Consulting this is about helping ‘clients use their communications assets to protect, enhance, develop and defend their enterprise value.’ If that sends your head into a spin that’s because it’s meant to; the south has employed a spin doctor! They don’t want to twist the arms of money launderers, they just want to twist words!

What would be proof that the south has tackled money laundering? Prosecutions surely. According to US State Department Money Laundering Report – 2012 there were 510 suspicious transaction in the south during 2010 and this resulted in 41 prosecutions but only 15 convictions. I’m not saying the south is better than the north, with 105 suspicious transactions, but it does seem that money launderers seem to be getting away with it down there so perhaps critics have cause to worry about the south’s banking system.

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