Former Governor of the Central Bank of Cyprus, Panicos Demetriades, comments in EUObserver in relation to the recent Danske Bank money laundering scandal.
This article was published in EUObserver, 21 November 2018, and can be found here.
Deutsche Bank dragged into Danish bank scandal
“Deutsche Bank, Germany’s top lender, handled about €130bn of the “suspicious” money in the Danske Bank affair – the biggest money-laundering scandal in EU history…
…Cyprus, Malta, and Latvia are also weak links in the EU’s anti-money laundering chain, Panicos Demetriades, Cyprus’ former central bank chief, previously told EUobserver.
The “political pressure” on bank supervisors in these countries was “so great that it’s very hard for them to do the right thing,” he said.
Banks in Cyprus handled €3.4 trillion of cross-border transactions including by non-resident or offshore clients between 2008 and 2015, according to European Central Bank (ECB) data obtained by the Bloomberg news agency in October.”