ECONOMY

Cyprus to allow probe to look into bank accounts

Cyprus?s state legal service said the country?s unit for combating money laundering received court authorization to open Cypriot bank accounts of companies set up by former board members of the Bank of Moscow.

The approval followed a request by Russian authorities regarding the transfer of funds belonging to the Bank of Moscow to Cyprus, the government said in a statement on Wednesday.

The move isn?t the first time banking secrecy has been lifted in Cyprus as part of investigations into criminal cases of money laundering and only concerns the specific companies and does not affect any other businessperson or investor, the statement said.

[Bloomberg]