Cyprus News Agency: News in English, 13-05-24

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] CBC: General picture in Moneyval and Deloitte reports not negative

[02] Commission on banking to submit report first half of June

[01] CBC: General picture in Moneyval and Deloitte reports not negative

The CBC issued the press release in response to the press coverage of the three page summary paper dated 10 May 2013, prepared on behalf of the "Troika" and intended to provide a resumé of the Moneyval and the Deloitte reports. According to CBC, the summary paper does not provide a synopsis of the main findings of the Reports but rather a description of the perceived weaknesses of the system, drawing inferences where none exist in the original Reports.

The press release notes that the lack of consultation with the authors of the Reports and the failure to refer to any of the positive aspects mentioned therein have resulted in erroneous and distorted conclusions in the media, especially the international press.

It points out that a summary of the Reports cannot be considered balanced if it omits to mention that they reveal a number of strengths both in the Cypriot AML framework and in the effective implementation of customer due diligence by Cypriot banks.

[02] Commission on banking to submit report first half of June

According to CNA sources, the Commission will present the report at a press conference with a view to get feedback on its recommendations.

The members of the Commission held a series of contacts in Cyprus and abroad, in order to conclude their recommendations. The members of Commission have already written a draft report. Their aim is to make the last changes in this report, and be able to present it in June.

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