Germans want to see money-laundering tackled


A senior member of German chancellor Angela Merkel’s Free Democrat coalition partners and several opposition lawmakers said yesterday they would agree aid for Cyprus only if it tackled money-laundering and implemented structural reforms.

Cyprus has asked the EU and IMF for a bailout but resistance is strong in Germany.

The country’s problems go back to its banks’ exposure to crisis-hit Greece and in Germany much has been made of its status as a tax haven for wealthy Russians.

With an election in September, Ms Merkel knows any aid will be a tough sell to voters who are already resentful about helping Greece. – (Reuters)