Monday, October 26, 2020

CYPRUS: Anti-money laundering efforts beginning to be respected abroad


“Since 2013-2014, the banking sector has also been enhancing the anti-money laundering and counter-terror financing efforts,” Herodotou told the 9th Nicosia Economic Congress.

 It is clear, he said, “that a new culture of compliance is being established at the Cyprus banks.”

He said anti-money laundering efforts “are beginning to be recognised abroad.”

This, he argued, is due to better cooperation between Cyprus authorities and banks with foreign authorities and banks and to the “coordinated and targeted effort initiated by the Central Bank of Cyprus, the Association of Cyprus Banks, the banks themselves, the Ministry of Finance and the Ministry of Foreign Affairs.”

- Advertisement -

“This effort aims to inform our partners and stakeholders of the progress made so far but has also enabled us to open and strengthen international relationships that will allow closer and better cooperation against money laundering and terrorist financing.”

“I truly believe that this effort and project is a great example of coordination and cooperation between Cyprus Authorities and entities and shows that we can achieve a lot when we work together on common objectives.”

According to Herodotou, current growth is much better than what drove GDP growth in the pre-crisis years but “we still have work to do relating mainly to legacy issues in order to strengthen our gains further”.

“There has been tremendous progress in the post-crisis years to restructure our economy and our banking sector and to enhance the prospects of a brighter future for the citizens of our country.”

- Advertisement -

“GDP growth has been restored…we consider it sustainable because it is very broad-based…There is no single reliance on any one sector,” he added.

He acknowledged “there is also no doubt that there are significant interactions between the challenges we are facing and the effective participation of the Central Bank in eurosystem policy formulation.”

Referring to NPLs, the island’s top banker said there has been “tremendous progress” during the past years.

At their peak, NPLs were roughly €28 bln whereas now they are around €11 bln in the banking sector.

“This is a significant reduction, especially when compared to the size of the GDP of the country…the reduction is almost equal to 90% of our GDP”.

The Central Bank Governor pointed out, however, “there is still a significant amount of legacy NPLs that we have to deal with in order to bring the relevant rations at the threshold levels required.”


Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World


Latest News

This Week

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Judge opposed dismissal of bribery charge against former Portage mayor Synder

A judge denied Thursday two motions to dismiss a soliciting bribes charge former Portage Mayor James Snyder will be retried on, according to court...

Newark city councilman charged in bribery and kickback scheme

Joseph A. McCallum Jr., a city councilman in Newark's West Ward, has been accused of taking part in a "bribery and kickback" scheme involving...

Bribery trial of former San Angelo police chief Tim Vasquez delayed until 2021

The trial of former San Angelo police chief Tim Vasquez will not happen until 2021, according to court documents. The trial, originally set for...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks