Cyprus Governor Supports Functionality Over Reporting Standards

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Last week, the Cyprus Central Bank Governor Constantinos Herodotou fought for the functionality of Cypriot banks over efforts to reduce global money laundering activities using bureaucracy. Addressing the annual general meeting (AGM) of the Association of Cyprus Banks, Mr Herodotou stated that must develop a culture of prevention and not reaction when it comes to economic uncertainties.

He continued: domestic banking institutions should “continually, anticipate, prepare especially making provisions, particularly in the conditions of uncertainty prevailing today in the world”.