Troika distorted ‘dirty money’ findings

Troika distorted ‘dirty money’ findings


By George Psyllides

Cyprus yesterday accused the troika of distorting information in a document purportedly summarising the island’s status vis a vis anti-money laundering (AML) measures by “drawing inferences” where none existed in the original reports.

The original four-page summary, based on audits by the Council of Europe’s money-laundering watchdog Moneyval and by private auditors Deloitte, had been drawn up by international lenders prior to a Eurogoup meeting on May 13 to approve the first tranche of the island’s €10 billion bailout programme.

Yesterday the Central Bank of Cyprus (CBC) said the summary did not give a synopsis of the main findings “but rather a description of the perceived weaknesses of the system, drawing inferences where none exist in the original reports.”

“The lack of consultation with the authors of the reports and the failure to refer to any of the positive aspects mentioned therein, has resulted in erroneous and distorted conclusions in the media, especially the international press,” the CBC said in a statement.