EU opens three infringement cases against Cyprus over money laundering, tax and fraud rules

The European Commission formally announced yesterday that it has opened infringement proceedings against Cyprus in three separate cases, over the country’s failure or delay in complying with EU directives and regulations relating to anti-money laundering rules, the exchange of tax information with the EU and member states, and the provision of banking transaction data to OLAF, the EU’s anti-fraud office.

The Commission sent two letters of formal notice and one reasoned opinion, meaning Cyprus...