LETTER TO THE EDITOR: What are the motives for absence in due diligence?
I believe Alan Waring’s Risk Watch article ‘Corrupted Spirit of Laissez Faire Authorities’ hit the nail on the head regarding the ease with which it appears almost anyone can set up a Cypriot company and open associated bank accounts, with only a barest minimum of due diligence checks.
As a former Senior Police Officer in Africa engaged for several years in a broad spectrum of policing, including counterterrorism and fighting organised crime, I can attest to the fact that if authorities provide only a flimsy veneer of protection, and so encourage and facilitate organised criminals and terrorists to channel funds through their country, without doubt, certain parasites will grab the opportunity. Moreover, others will use the weakness as an opportunity for tax evasion or for running up huge debts and then disappearing without paying.
What does concern me is what possible motives controlling authorities could have for being so laid back on such crucial matters. Sincerely Graham Walker, Larnaca