Panayiotis Rougalas
According to information provided by the Central Bank of Cyprus more than 20000 foreign accounts have been closed by Cypriot banks since 2014 as a result of efforts to enforce the anti-money laundering directives.
A result of efforts to enforce the anti-money laundering directives
The decline of Russian deposits in relation to the total portfolio of the Cypriot banking industry has been halved. Russian deposits in 2014 were at 9.9%, while in November 2018 the sum stood at 5.5% of Cypriot Banks’ assets.
Considering that total deposits in Cyprus amount to roughly 50 billion Euros, a reduction of 4.5% - 5% amounts to 5 billion in capital outflows.
