Cyprus and Deloitte to sign cooperation agreement

The Cypriot authorities will sign on Friday a cooperation agreement with Deloitte to carry out an audit of the implementation of rules and regulations against money laundering as these are incorporated in the Cypriot financial system, in line with a Eurogroup decision.

Reliable sources have told the CNA that talks are talking place since early morning at the Central Bank on the agreement and an announcement is expected later today.

The Council of Europe’s Moneyval has already completed a similar independent audit.

In the recent past, press reports in foreign media have alleged that money laundering practices are in place in Cyprus. The government has said it would welcome an audit by recognized bodies to clear the air and dismiss such claims.

Cyprus has concluded a 10 billion euro bail out deal with the Troika of international lenders, which needs to be ratified by national parliaments and the Eurogroup.

EU Finance Ministers, meeting in Dublin today, are expected to reach a political agreement on a Memorandum of Understanding with Cyprus. However, the final decision is anticipated at the end of the month and funds are expected to flow in the first two weeks in May, according to a Eurozone official.