Cyprus is under international pressure for non-compliance with AML requirements.
Cyprus is heavily accused of non-complying with anti-money laundering (AML) legislation, recently triggered by an accusation of Ian Austin, a UK member of the House of Commons.
This accusation was based “on a pattern of behaviour which is exemplified by the way Cyprus has dealt with the Magnitsky case”.
It is said that Cyprus has obstructed international money laundering investigation against the Russian Treasury in 2007, where Magnitsky has been involved as a lawyer uncovering the truth. Because of this investigation Magnitsky was later imprisoned and killed.
Cyprus is also accused of having too close of a relationship with Russia and assisting Russia in persecuting William Browder, who heads a global campaign for justice for Magnitsky.
Cyprus has declined all allegations claiming that they follow all international AML policies as required.
It should also be noted that Cyprus has been named best amongst 12 most compliant anti-corruption countries (the list included the US, the UK, France and Germany).
However, experts still say that there is much more to do and implement for Cyprus in order