§ Mr. DismoreTo ask the Secretary of State for Foreign and Commonwealth Affairs what assessment he has made of the role of the banks in Turkish-occupied northern Cyprus in money laundering for(a) terrorists and (b) drug runners connected to Afghanistan; and if he will make a statement. [8876]
§ Peter HainThe "Turkish Republic of northern Cyprus" is not internationally recognised except by Turkey, and has consequently never been formally assessed by any of the leading global anti-money laundering organisations. There is evidence, however, that it is vulnerable to exploitation by those involved in money laundering, and it has taken some steps to combat this.
The United Kingdom authorities will continue to remain alert to the activities of financial institutions in the area.