Cyprus

Debate between Jack Straw and Greg Clark

Monday 18th March 2013 Commons Chamber

[Mr Jack Straw (Blackburn) (Lab)]

The lack of effective supervision of the Greek Cypriot banking system has been notorious for many years and it has become a haven for Russian money laundering. What steps, either through this package or through other measures, are being taken better to control the banking system in Cyprus?

[Greg Clark]

The right hon. Gentleman will know that the agreement reached at the weekend includes action to address the reputation Cyprus has established as a potential home for money laundering and that is part of the conditionality for the package.