BBC World Service East and Southern Africa Schedule

BBC World Service East and Southern Africa

Business Daily

Factual: Money

The daily drama of money and work from the BBC.

Business Daily: Russian Money, Cypriot Haven

Bulletins

26/12/2018 GMT

Russian Money, Cypriot Haven

BBC World Service - Business Daily, Russian Money, Cypriot Haven

Known as a mecca for Russian money laundering, Cyprus is trying to clean up its act

Known as a mecca for Russian money laundering, Cyprus is trying to clean up its act.

Five years ago, Cyprus was in crisis. An international bail-out worth over ten billion dollars saved the economy from meltdown, but also cemented the Mediterranean country’s ties to wealthy Russians. Many of them received a slice of Cypriot banks for cash seized from their accounts to help fund the rescue plan. A controversial and lucrative investment-for-passport scheme has also attracted Russian money - as well as new EU scrutiny.

While many banks have ditched their Russian clients and authorities have implemented a new system of stringent checks, Ivana Davidovic travels to the port of Limassol to investigate whether Cyprus has really cleaned up its act.

(Picture: Yachts line the marina in Limassol, Cyprus; Credit: Sean Gallup/Getty Images)

BBC World Service

BBC World Service Online

BBC World Service Australasia

BBC World Service schedule for American satellite radio and the Caribbean

BBC World Service Americas and the Caribbean

BBC World Service South Asia

BBC World Service Europe and the Middle East

BBC World Service News Internet

BBC World Service West and Central Africa Schedule

Accessibility links

Programme Index

Business Daily

Russian Money, Cypriot Haven

Genres

Formats

Brand

BBC World Service East and Southern Africa

About BBC World Service