Cyprus Cleared of Alleged Money Laundering Charges

The Eurogroup has approved the first payment of its loan to Cyprus under the Cyprus-Troika loan agreement and cleared Cyprus of any allegations of money laundering activities.

The Cyprus Shipping Chamber has released the following statement:

"Cyprus: Cleared of Allegations for ‘Money Laundering Activities’"

Following the official approval of the Cyprus – Troika Loan Agreement on 12 April 2013, the Eurogroup approved yesterday the release of the first installment of the loan to Cyprus by the European Stability Mechanism.

It is stressed that during yesterday's Eurogroup discussions, Cyprus was cleared of the allegations concerning “money laundering activities' as the investigation completed by the two independent auditing firms, Moneyval and Deloitte Italy, indicated that the practices and measures taken by Cyprus for combating this phenomenon are compatible with all relevant Conventions.

The approval for the release of the first installment of the loan initiates the beginning of the re-financing of the banking system in Cyprus and as a result the full stabilisation and subsequent recovery of the Cyprus Economy.

The Cyprus Shipping Industry continues its high standard operations without any interruptions, remaining fully committed to Cyprus as its base of operation and the Cyprus flag with the overall Shipping operational and taxation infrastructure in Cyprus remaining also intact.

Cyprus Shipping Chamber

14 May 2013