The EU and the US are querulous about the Greek Cypriot Administration of Southern Cyprus (GCASC) and Malta's money laundering. So they constantly send supervisors to these two small island countries.
“Department of Anti-Money Laundering” (SEDMD) of the US visited South Cyprus and Malta last year in May and controlled both the treasury and the banks in business in these two countries until their most private documents, and showed no mercy.
The result is terrible. More than terrible, it's a disaster.
It has been showed up that the most important source of income of these two countries is the commission, gained from exculpating money laundering.
In the recent past, The Department of Anti-Money Laundering of the US demanded the closure of the Latvian-based ABLV Group bank with the reason of “exculpating dirty money of Russia and having insufficient US dollars in its safe.” After this development, the ABLV bank requested for bankruptcy and is bankrupt at the moment.
Today, the ultimatum given by SEDMD to the Greek Cypriot authorities is very harsh. The ultimatum sent to the Greek authorities is clearly as, “you either clean your banks or the closure turn comes to you.”
The same discontent also existed in the EU European Central Bank, and they also have been brought their supervision to a pitiless degree. Germany, the locomotive of the EU, claims a thoroughly investigation for dirty money in the Greek Cypriot banks. Germany wants insistently fiscal transparency by banks in business of the GCASC. Germany wants to say to Greek Cypriots indirectly, "You can no longer be a law unto yourself, we will control you at every step."
The EU European Central Bank authorities target especially the Pilatus bank with the last supervision they did in Malta towards the end of the summer last year. The European Central Bank officials canceled the Pilatus bank license, based on the charges of Daphne Caruana Galizia, who was killed in cold blood on the road because of his research on the bank in question. The Pilatus Bank, opened four years ago, was officially closed several months after Iran's president and owner Ali Sadr Hasheminejad was charged with money exculpating and fraud in the US. Nowadays, the US has been going down hard with the money exculpating work, and the Struggle with Dirty Money Exculpation Department may supervise any bank in any country in the world and shut down it if there are doubts about exculpating dirty money.
As it is known, the European Union was shaken with exculpating dirty money scandals during the last year. For this reason, the EU European Central Bank and the US SEDMD started to work together. They also supervise all the banks in countries that are a member of the EU.
The operation of exculpating dirty money in the branch office of the Denmark bank ‘Danske bank’ in Estonia takes place among the biggest and most flawless exculpation of dirty money in the history.
All countries in the EU have received an ultimatum about taking measures. Especially the GCASC and Malta, whose economics are terrible and miserable under full detention.
The rapport published by the European Commission on January 23th about the selling of the “Golden Passport” to investors by Malta and South Cyprus contains the risk and possibility that the said investors will be able to conduct their dirty money operation in the rest of the member countries of the EU because of the EU passport sold to them.
Because of the economy of Southern Cyprus is largely based on exculpating dirty money, it is certain that their economy will get harmed because of the supervision and restrictions that will apply by the US and the EU. While the sales of the “Golden Passport” decrease, it’s an inevitable result that the exculpating dirty money enthusiasts or investors that choose for GCASC with the same purpose will move away from the island.