1 central bank of cyprus (cbc)

Central Bank Defends Policies After ‘Cyprus Confidential’ Reports

The Central Bank of Cyprus (CBC) has responded to the ‘Cyprus Confidential’ reports by severing ties with 42,728 shell companies and closing around 125,782 bank accounts since the end of 2018, conducting audits, probes, and monitoring to combat financial misuse and ensure compliance with international sanctions. The CBC’s actions come in the wake of allegations that Cypriot banks were used to manage over $31 billion of Russian money, sparking a global investigation into corruption and sanctions evasion.