The Financial Post quotes Dinu Patriciu Eurasia Center Resident Senior Fellow Anders Aslund on the lack of controls as a threat to the global economy:

“This report shows that there is no rule of law there,” said Anders Aslund, a Swedish economist and former adviser to Ukraine and Russia. “A Russian bank is located abroad because money is not safe in a Russian bank.”

Cyprus has tax treaties with Russia and Ukraine that allow tax free transactions there, he said.

When the Cypriot banking system collapsed two years ago, banks were full of cash from Russia and Ukraine, including state officials. “I heard that Ukraine’s state prosecutors were especially hard hit,” he said.

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Related Experts: Anders Åslund