9.7 C
Friday, December 8, 2023

Cyprus president has invited international consultants to assist with Russian sanction evasion investigations

Must read

- Advertisement -

NICOSIA, Cyprus — The president of Cyprus stated Monday he personally requested an unnamed “third nation” to ship an skilled crew of economic crime consultants to assist the east Mediterranean island nation with investigations into {old} and new allegations that Cypriot monetary service suppliers helped Russian oligarchs skirt worldwide sanctions.

President Nikos Christodoulides informed The Related Press in an interview that he desires “completely no shadows” solid over the European Union member nation as a result of any opposed publicity would harm efforts to draw “high quality” international funding.

The president stated “many” probes into alleged sanctions evasion are presently working however wouldn’t give particulars.

His request was accepted, and the international consultants will help a crew of seven police investigators in sifting via {old} and new media stories alleging that Cyprus-based attorneys and accountants shifted Russian oligarchs’ cash via a murky community of firms and trusts with a view to keep away from their seizure according to sanctions associated to Russia’s battle in Ukraine.

The newest allegations got here in a number of tales printed by the Worldwide Consortium of Investigative Journalists final week. They cited leaked paperwork claiming to point out how some Cypriot companies helped Russian oligarchs transfer their cash round to evade sanctions.

- Advertisement -

Christodoulides stated the international consultants would help their counterparts in methods to higher conduct their investigations whereas expediting the method to point out that “Cyprus has zero tolerance for corruption” and bolster the sense domestically that justice is being accomplished.

“Our intention is precisely in order that there are neither insinuations or any shadows solid over our nation’s identify,” he stated.

He stated a cornerstone of his drive to rid the island of its ill-gotten repute is organising a Single Supervisory Authority, an impartial physique of economic crime consultants tasked with cracking down on any monetary malfeasance or sanctions evasion.

A draft legislation has been readied for parliamentary debate and approval.

Christodoulides additionally stated extra consultants with a authorized or accounting background might be employed to strengthen the police’s monetary crimes unit.

He defended Cyprus’ observe report in efforts to get its banking sector so as since 2013, when the nation wanted a multibillion-euro bailout from its EU companions and the Worldwide Financial Fund to climate a monetary disaster that introduced it to the brink of chapter.

On the time, almost a 3rd of the nation’s 68 billion euros in deposits — greater than triple the whole economic system — was held by Russians, feeding the notion that Cyprus was Moscow’s monetary lackey.

Christodoulides conceded it could take time for Cyprus to rebrand itself as a major funding alternative.

“For me, whichever allegation, both huge or small, is an allegation towards our nation, which I can’t settle for as a result of it negatively impacts our potential to draw personal funding,” Christodoulides stated. He added that nations from “the broader Center East” have proven curiosity in investing in Cyprus within the fields of vitality, well being companies, schooling and knowledge know-how.

Within the interview, he additionally mentioned his nation’s proposal for a humanitarian hall to Gaza.

Individually, Christodoulides stated U.N. Secretary-Basic Antonio Guterres will very quickly notify the Cypriot authorities of his new alternative for an envoy who might be tasked with exploring the possibility of resuming talks to reunify the ethnically divided nation which have been in stalemate since 2017.

Guterres’ earlier alternative for envoy was reportedly rejected by the chief of the breakaway Turkish Cypriots, Ersin Tatar. Cyprus was break up alongside ethnic traces in 1974 when Turkey invaded within the wake of a coup by supporters of union with Greece.

Source link

More articles

- Advertisement -

Latest article