LET­TER TO THE EDITOR: What are the mo­tives for ab­sence in due dili­gence?

Financial Mirror (Cyprus) - - FRONT PAGE -

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

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