The bidding process for the auditing firms interested in taking part in the independent audit into Cyprus` legal framework against money laundering concludes today.
According to CNA sources, the evaluation of the tenders submitted will start immediately after the completion of the process. It is expected that the audit firm will be selected during the weekend and announced by the Central Bank of Cyprus.
The Moneyval Committee of the Council of Europe will also participate in the audit into Cyprus’ legislation against money laundering, according to a Eurogroup decision.
The same source said that a Moneyval Committee delegation will arrive in Cyprus on Tuesday, March 19th, when the audit is expected to begin on the basis of the terms of reference agreed between the Ministry of Finance and the Troika.
The result of the investigation should be submitted by March 31 with a view to reaching agreement on Cyprus’ bailout deal before the end of the month. The auditing firm and Moneyval committee will submit two separate reports.
Nicosia rejects allegations that Cypriot banks engage in money-laundering activities. The government has repeatedly said that it has “nothing to hide”, ahead of an independent audit of compliance with anti-money laundering regulations decided at a recent Eurogroup meeting.
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