Cyprus News Agency: News in English (PM), 97-03-03

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] Cyprus Stock Exchange

[02] Government on US report on money laundering

[03] Arson attack at radio station condemned

[04] Hopeful signs for 1997, says FM

1530:CYPPRESS:06

[01] Cyprus Stock Exchange

CSE All Share Index                    75.55 (-0.66)

Highest: 82.46 (2/1/97)
Lowest : 73.90 (30/1/97)

Sectural Indices

Banks                                  86.85 (-0.60)
Approved Investment Companies          63.62 (+0.13)
Insurance Companies                    56.36 (-0.90)
Industrial Companies                   70.50 (-0.72)
Tourist Industries                     62.02 (-1.04)
Commercial Companies                   50.82 (-2.12)
Other Companies                        55.74 (+0.60)

Trading Volume                         CYP 470714.986

CNA AP/1997

ENDS, CYPRUS NEWS AGENCY

1715:CYPPRESS:07

[02] Government on US report on money laundering

"Cyprus wishes to be a robust centre of offshore companies only within the bounds of international law," Government Spokesman Yiannakis Cassoulides said here today.

A US State Department report on International Narcotics Control Report ranked Cyprus among the "high risk areas for money laundering" and of funds controlled by what it describes as the "Russian mafia".

Cyprus, the report says, is today a "receiver and conduit for funds generated by an array of crimes."

Cassoulides said Cyprus has been placed in the same category as the US, Britain, Hong Kong, Germany, Thailand, Turkey, Venezuela, Italy, the Netherlands, Colombia and other countries.

"There is political will to combat money laundering and this has been proven by an array of legislative bills adopted in accordance with international conventions," the Spokesman said.

The present legislation, he explained, is "fully concluded" and the Central Bank intends to issue more strict directives to commercial banks to help them combat this type of crime.

Police are looking into four suspected cases of money laundering, the spokesman said.

"Had Cyprus been assisted by countries with specialised units in such matters, for example the US, then we would succeed in our objective," Cassoulides noted.

On Saturday, the Governor of the Central Bank, Afxentis Afxentiou rejected the findings of the report and called on anyone with concrete information to come forward and submit it to the authorities for investigation.

The US report criticises Cyprus for not establishing a special intelligence unit to monitor suspicious cases of money laundering but fails to note that the Cyprus government has already done so.

Cyprus has signed two international conventions on combatting money laundering, the UN convention on illicit traffic of narcotics in 1988 and the Council of Europe convention on combatting organised crime in 1990. Both were ratified by the House of Representatives.

Moreover, in April last year, new legislation was enacted allowing for the confiscation of funds from illegal and serious offences, such as organised crime, terrorism and prostitution. The Central Bank has instructed commercial banks to report to the authorities any cash deposit over 10,000 US dollars.

CNA MM/AP/1997

ENDS, CYPRUS NEWS AGENCY

1725:CYPPRESS:03

[03] Arson attack at radio station condemned

"Such actions are a blow to free speech and to democratic values," Government Spokesman Yiannakis Cassoulides said here today.

He said police are investigating the attack, which happened in the early hours of yesterday. Nobody was hurt but there was some damage to the building. "Astra" continued its operation as normal.

"Police keep an open mind about the attack. All eventualities are being investigated and I hope the motives of this attack are non-political," the Spokesman added.

Replying to press questions, Cassoulides said earlier threats levelled at the station have been examined and said "one must not rush into drawing the conclusion that the motives behind the attack were political."

The president of the Cyprus Union of Journalists, Andreas Kannaouros, has visited "Astra" premises and warned that "if such action is allowed to happen, the very foundations of democracy are undermined."

Political parties and other organisations have also condemned Sunday's arson attack against "Astra".

Police are questioning a number of people about the attack.

CNA MM/AP/1997

ENDS, CYPRUS NEWS AGENCY

2055:CYPPRESS:04

[04] Hopeful signs for 1997, says FM

Unprecedented increased interest by the international community in finding a Cyprus solution, US-European cooperation, US active engagement in the peace effort and the start of European Union (EU) accession negotiations, in early 1998, are but a few, the Minister said in his address at a seminar on "National Strategy and Cyprus", at the University of Athens.

"Encouragement by all and interest in Cyprus is very important. But not sufficient. Initiatives to press for a solution must be substantive and coordinated," the Minister pointed out.

He said Cyprus and Greece must act in concert in their future moves to push for a solution and promote Cyprus' bid for EU membership.

"What Cyprus needs is not to increase its collection of UN resolutions but to have the existing resolutions implemented," Michaelides told his audience.

The FM was particularly critical of EU member-states that encourage Turkish intransigence, instead of contributing to a solution through their actions or statements on efforts to move Cyprus a step closer to EU membership.

He also underlined the need to reach a settlement soon or face the possibility of seeing the Turkish Cypriots leaving the occupied part of Cyprus, abandoning the occupied areas to Turkish settlers from Anatolia.

Michaelides, who flies to London tonight for a meeting tomorrow with British Foreign Secretary Malcolm Rifkind, reiterated President Glafcos Clerides' proposal for the complete demilitarisation of Cyprus, which has been rejected by the Turkish side but has found support from other quarters, who consider it worth discussing.

In his remarks, Greek deputy FM, George Papandreou, said Cyprus' course to EU accession is irreversible, irrespective of a solution.

"Greece has every reason to contribute to a positive involvement of Turkey in Europe which will, at the same time, secure the resolution of problems, including the Cyprus question and the dispute in the Aegean," he added.

Papandreou called on Turkey to adopt a foreign policy compatible with the principles of international law, which coincides with European philosophy.

CNA MM/AP/1997

ENDS, CYPRUS NEWS AGENCY

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