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Cyprus against private firm probing its banks

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[February 14, 2013]  NICOSIA, Cyprus (AP) -- 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.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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