Published February 14, 2013
NICOSIA, Cyprus – 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.