NEWS

Report sees low transparency in Cyprus political funding

A report made public on Friday by the Council of Europe’s Group of States Against Corruption (GRECO) highlights inadequate transparency in political financing in Cyprus and calls on Nicosia to provide explanations as to how it plans to abide by Council of Europe recommendations.

In its report, which was compiled in March and made public on Friday, the group welcomed the adoption a new law last December, aimed at boosting transparency in the funding of political parties and election campaigns by obliging the parties to submit regular reports on their income, expenses, assets and debts, but noted that provisions remained that would allow non-transparent funding transactions to take place.

The report expressed concern about the fact that political donations above a certain threshold are not published and that politicians failing to properly declare the origins of their assets do not face prosecution under Cypriot law.