Cyprus-based RCB Bank Ltd on Monday denied claims purportedly made in some of the so called "Panama Papers" that it had improperly made loans as part of facilitating suspicious transfers of money.
Leaked papers of the Mossack Fonseca law office of Panama quoted by news media claimed that a Russian bank is using RCB Bank as a "vehicle" for secret transfers of billions of dollars.
It was also claimed that falsified documents and post-dated orders were used in the process. "RCB Bank as a matter of policy, did not and does not provide unsecured loans," the lender said in a statement.
"The Bank always acts in a transparent manner and all information about its activities is available to the relevant Cypriot and European authorities," the statement added. It said it is complying with procedures established to fight laundering of money obtained by unlawful activities.
RCB was established 20 years ago and is the second largest lender in terms of capital operating in Cyprus, being controlled by the Central Bank of Cyprus and the European Central Bank.
Central Bank of Cyprus said in a statement that it is examining reports which may refer to the banking system of Cyprus. The President of the Cyprus Securities and Exchange Commission, Demetra Kalogirou, said that Cyprus is not a tax haven. She added that all legal requirements which pertain to the combating of money laundering are being applied.
Latest comments