Cyprus

§1. Cyprus Introduction

Background:
  A former British colony, Cyprus became independent in 1960 following years
  of resistance to British rule. Tensions between the Greek Cypriot majority
  and Turkish Cypriot minority came to a head in December 1963, when violence
  broke out in the capital of Nicosia. Despite the deployment of UN
  peacekeepers in 1964, sporadic intercommunal violence continued forcing
  most Turkish Cypriots into enclaves throughout the island. In 1974, a
  Greek-sponsored attempt to seize the government was met by military
  intervention from Turkey, which soon controlled more than a third of the
  island. In 1983, the Turkish-held area declared itself the "Turkish
  Republic of Northern Cyprus," but it is recognized only by Turkey. The
  latest two-year round of UN-brokered talks - between the leaders of the
  Greek Cypriot and Turkish Cypriot communities to reach an agreement to
  reunite the divided island - ended when the Greek Cypriots rejected the UN
  settlement plan in an April 2004 referendum. The entire island entered the
  EU on 1 May 2004, although the EU acquis - the body of common rights and
  obligations - applies only to the areas under direct Republic of Cyprus
  control, and is suspended in the areas administered by Turkish Cypriots. At
  present, every Cypriot carrying a Cyprus passport has the status of a
  European citizen; however, EU laws do not apply to north Cyprus. Nicosia
  continues to oppose EU efforts to establish direct trade and economic links
  to north Cyprus as a way of encouraging the Turkish Cypriot community to
  continue to support reunification.

§2. Cyprus Geography

Location:
  Middle East, island in the Mediterranean Sea, south of Turkey

Geographic coordinates:
  35 00 N, 33 00 E

Map references:
  Middle_East

Area:
  total: 9,250 km² (of which 3,355 km² are in north Cyprus)
  land: 9,240 km²
  water: 10 km²

Area - comparative:
  about 0.6 times the size of Connecticut

Land boundaries:
  total: NA; note - boundary with Dhekelia is being resurveyed
  border countries: Akrotiri 47.4 km, Dhekelia NA

Coastline:
  648 km

Maritime claims:
  territorial sea: 12 nm
  continental shelf: 200-m depth or to the depth of exploitation

Climate:
  temperate; Mediterranean with hot, dry summers and cool winters

Terrain:
  central plain with mountains to north and south; scattered but significant
  plains along southern coast

Elevation extremes:
  lowest point: Mediterranean Sea 0 m
  highest point: Mount Olympus 1,951 m

Natural resources:
  copper, pyrites, asbestos, gypsum, timber, salt, marble, clay earth pigment

Land use:
  arable land: 10.81%
  permanent crops: 4.32%
  other: 84.87% (2005)

Irrigated land:
  382 km² (2001 est.)

Natural hazards:
  moderate earthquake activity; droughts

Environment - current issues:
  water resource problems (no natural reservoir catchments, seasonal
  disparity in rainfall, sea water intrusion to island's largest aquifer,
  increased salination in the north); water pollution from sewage and
  industrial wastes; coastal degradation; loss of wildlife habitats from
  urbanization

Environment - international agreements:
  party to: Air Pollution, Air Pollution-Persistent Organic Pollutants,
    Biodiversity, Climate Change, Climate Change- Kyoto Protocol,
    Desertification, Endangered Species, Environmental Modification,
    Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection,
    Ship Pollution
  signed, but not ratified: none of the selected agreements

Geography - note:
  the third largest island in the Mediterranean Sea (after Sicily and
  Sardinia)

§3. Cyprus People

Population:
  784,301 (July 2006 est.)

Age structure:
  0-14 years: 20.4% (male 81,776/female 78,272)
  15-64 years: 68% (male 270,254/female 263,354)
  65 years and over: 11.6% (male 39,536/female 51,109) (2006 est.)

Median age:
  total: 34.9 years
  male: 33.9 years
  female: 35.9 years (2006 est.)

Population growth rate:
  0.53% (2006 est.)

Birth rate:
  12.56 births/1,000 population (2006 est.)

Death rate:
  7.68 deaths/1,000 population (2006 est.)

Net migration rate:
  0.42 migrant(s)/1,000 population (2006 est.)

Sex ratio:
  at birth: 1.05 male(s)/female
  under 15 years: 1.04 male(s)/female
  15-64 years: 1.03 male(s)/female
  65 years and over: 0.77 male(s)/female
  total population: 1 male(s)/female (2006 est.)

Infant mortality rate:
  total: 7.04 deaths/1,000 live births
  male: 8.74 deaths/1,000 live births
  female: 5.25 deaths/1,000 live births (2006 est.)

Life expectancy at birth:
  total population: 77.82 years
  male: 75.44 years
  female: 80.31 years (2006 est.)

Total fertility rate:
  1.82 children born/woman (2006 est.)

HIV/AIDS - adult prevalence rate:
  0.1% (2003 est.)

HIV/AIDS - people living with HIV/AIDS:
  less than 1,000 (1999 est.)

HIV/AIDS - deaths:
  NA

Nationality:
  noun: Cypriot(s)
  adjective: Cypriot

Ethnic groups:
  Greek 77%, Turkish 18%, other 5% (2001)

Religions:
  Greek Orthodox 78%, Muslim 18%, Maronite, Armenian Apostolic, and other 4%

Languages:
  Greek, Turkish, English

Literacy:
  definition: age 15 and over can read and write
  total population: 97.6%
  male: 98.9%
  female: 96.3% (2003 est.)

§4. Cyprus Government

Country name:
  conventional long form: Republic of Cyprus
  conventional short form: Cyprus
  note: the Turkish Cypriot community (north Cyprus) refers to itself as the
    "Turkish Republic of Northern Cyprus" (TRNC)

Government type:
  republic
  note: a separation of the two ethnic communities inhabiting the island
    began following the outbreak of communal strife in 1963; this separation
    was further solidified after the Turkish intervention in July 1974 that
    followed a Greek junta-supported coup attempt gave the Turkish Cypriots
    de facto control in the north; Greek Cypriots control the only
    internationally recognized government; on 15 November 1983 Turkish
    Cypriot "President" Rauf DENKTASH declared independence and the formation
    of a "Turkish Republic of Northern Cyprus" (TRNC), which is recognized
    only by Turkey

Capital:
  Nicosia

Administrative divisions:
  6 districts; Famagusta, Kyrenia, Larnaca, Limassol, Nicosia, Paphos; note -
  Turkish Cypriot area's administrative divisions include Kyrenia, all but a
  small part of Famagusta, and small parts of Lefkosia (Nicosia) and Larnaca

Independence:
  16 August 1960 (from UK); note - Turkish Cypriots proclaimed self-rule on
  13 February 1975 and independence in 1983, but these proclamations are only
  recognized by Turkey

National holiday:
  Independence Day, 1 October (1960); note - Turkish Cypriots celebrate 15
  November (1983) as Independence Day

Constitution:
  16 August 1960; from December 1963, the Turkish Cypriots no longer
  participated in the government; negotiations to create the basis for a new
  or revised constitution to govern the island and for better relations
  between Greek and Turkish Cypriots have been held intermittently since the
  mid-1960s; in 1975, following the 1974 Turkish intervention, Turkish
  Cypriots created their own constitution and governing bodies within the
  "Turkish Federated State of Cyprus," which became the "Turkish Republic of
  Northern Cyprus" when the Turkish Cypriots declared their independence in
  1983; a new constitution for the "TRNC" passed by referendum on 5 May 1985

Legal system:
  based on common law, with civil law modifications; accepts compulsory ICJ
  jurisdiction, with reservations

Suffrage:
  18 years of age; universal

Executive branch:
  chief of state: President Tassos PAPADOPOULOS (since 1 March 2003); note -
    the president is both the chief of state and head of government; post of
    vice president is currently vacant; under the 1960 constitution, the post
    is reserved for a Turkish Cypriot
  head of government: President Tassos PAPADOPOULOS (since 1 March 2003);
    note - the president is both the chief of state and head of government;
    post of vice president is currently vacant; under the 1960 constitution,
    the post is reserved for a Turkish Cypriot
  cabinet: Council of Ministers appointed jointly by the president and vice
    president
  elections: president elected by popular vote for a five-year term; election
    last held 16 February 2003 (next to be held February 2008)
  election results: Tassos PAPADOPOULOS elected president; percent of vote -
    Tassos PAPADOPOULOS 51.5%, Glafkos KLIRIDIS 38.8%, Alekos MARKIDIS 6.6%
  note: Mehmet Ali TALAT became "president" of north Cyprus, 24 April 2005,
    after "presidential" elections on 17 April 2005; results - Mehmet Ali
    TALAT 55.6%, Dervis EROGLU 22.7%; Ferdi Sabit SOYER is "prime minister";
    there is a Council of Ministers (cabinet) in north Cyprus, appointed by
    the "prime minister"

Legislative branch:
  unicameral - Republic of Cyprus: House of Representatives or Vouli
    Antiprosopon (80 seats; 56 assigned to the Greek Cypriots, 24 to Turkish
    Cypriots; note - only those assigned to Greek Cypriots are filled;
    members are elected by
  popular vote to serve five-year terms); north Cyprus: Assembly of the
    Republic or Cumhuriyet Meclisi (50 seats; members are elected by popular
    vote to serve five-year terms)
  elections: Republic of Cyprus: last held 27 May 2001 (next to be held 21
    May 2006); north Cyprus: last held 14 December 2003 (next to be held in
    2008)
  election results: Republic of Cyprus: House of Representatives - percent of
    vote by party - AKEL 34.71%, DISY 34%, DIKO 14.84%, KISOS 6.51%, others
    9.94%; seats by party - AKEL (Communist) 20, DISY 19, DIKO 9, KISOS 4,
    other 4; north
  Cyprus: Assembly of the Republic - percent of vote by party - CTP 35.8%,
    UBP 32.3%, Peace and Democratic Movement 13.4%, DP 12.3%; seats by party
    - CTP 19, UBP 18, Peace and Democratic Movement 6, DP 7

Judicial branch:
  Supreme Court (judges are appointed jointly by the president and vice
  president)
  note: there is also a Supreme Court in north Cyprus

Political parties and leaders:
  Republic of Cyprus: Democratic Party or DIKO [Tassos PAPADOPOULOS];
    Democratic Rally or DISY [Nikos ANASTASIADHIS]; Fighting Democratic
    Movement or ADIK [Dinos MIKHAILIDIS]; Green Party of Cyprus [George
    PERDIKIS]; Movement for Social Democracy United Democratic Union of
    Center or KISOS [Yannakis OMIROU]; New Horizons [Nikolaus KOUTSOU];
    Restorative Party of the Working People or AKEL (Communist Party)
    [Dimitrios CHRISTOFIAS]; United Democrats Movement or EDE
  [George VASSILIOU]; north Cyprus: Democratic Party or DP [Serder DENKTASH];
    National Birth Party or UDP [Enver EMIN]; National Unity Party or UBP
    [Dervis EROGLU]; Our Party or BP [Okyay SADIKOGLU]; Patriotic Unity
    Movement or YBH [Alpay DURDURAN]; Peace and Democratic Movement [Mustafa
    AKINCI]; Republican Turkish Party or CTP [Mehmet ALI TALAT]

Political pressure groups and leaders:
  Confederation of Cypriot Workers or SEK (pro-West); Confederation of
  Revolutionary Labor Unions or Dev-Is; Federation of Turkish Cypriot Labor
  Unions or Turk-Sen; Pan-Cyprian Labor Federation or PEO (Communist
  controlled)

International organization participation:
  Australia Group, C, CE, EBRD, EIB, EU (new member), FAO, IAEA, IBRD, ICAO,
  ICC, ICCt, ICFTU, IDA, IFAD, IFC, IHO, ILO, IMF, IMO, Interpol, IOC, IOM,
  IPU, ISO, ITU, MIGA, NAM, NSG, OAS (observer), OPCW, OSCE, PCA, UN, UNCTAD,
  UNESCO, UNHCR, UNIDO, UPU, WCL, WCO, WFTU, WHO, WIPO, WMO, WToO, WTO

Diplomatic representation in the US:
  chief of mission: Ambassador Euripides L. EVRIVIADES
  chancery: 2211 R Street NW, Washington, DC 20008
  telephone: [1] (202) 462-5772
  FAX: [1] (202) 483-6710
  consulate(s) general: New York
  note: representative of the Turkish Cypriot community in the US is Osman
    ERTUG; office at 1667 K Street NW, Washington, DC; telephone [1] (202)
    887-6198

Diplomatic representation from the US:
  chief of mission: Ambassador Ronald L. SCHLICHER
  embassy: corner of Metochiou and Ploutarchou Streets, Engomi, 2407 Nicosia
  mailing address: P. O. Box 24536, 1385 Nikosia
  telephone: [357] (22) 393939
  FAX: [357] (22) 780944

Flag description:
  white with a copper-colored silhouette of the island (the name Cyprus is
  derived from the Greek word for copper) above two green crossed olive
  branches in the center of the flag; the branches symbolize the hope for
  peace and reconciliation between the Greek and Turkish communities
  note: the "Turkish Republic of Northern Cyprus" flag has a horizontal red
    stripe at the top and bottom between which is a red crescent and red star
    on a white field

§5. Cyprus Economy

Economy - overview:
  The Republic of Cyprus has a market economy dominated by the service
  sector, which accounts for 76% of GDP. Tourism and financial services are
  the most important sectors; erratic growth rates over the past decade
  reflect the economy's reliance on tourism, which often fluctuates with
  political instability in the region and economic conditions in Western
  Europe. Nevertheless, the economy grew a healthy 3.7% per year in 2004 and
  2005, well above the EU average. Cyprus joined the European Exchange Rate
  Mechanism (ERM2) in May 2005. The government has initiated an aggressive
  austerity program, which has cut the budget deficit to below 3% but
  continued fiscal discipline is necessary if Cyprus is to meet its goal of
  adopting the euro on 1 January 2008. As in the area administered by Turkish
  Cypriots, water shortages are a perennial problem; a few desalination
  plants are now on line. After 10 years of drought, the country received
  substantial rainfall from 2001-03 alleviating immediate concerns. The
  Turkish Cypriot economy has roughly one-third of the per capita GDP of the
  south, and economic growth tends to be volatile, given north Cyprus's
  relative isolation, bloated public sector, reliance on the Turkish lira,
  and small market size. The Turkish Cypriot economy grew 15.4% in 2004,
  fueled by growth in the construction and education sectors, as well as
  increased employment of Turkish Cypriots in the Republic of Cyprus. The
  Turkish Cypriots are heavily dependent on transfers from the Turkish
  Government. Under the 2003-06 economic protocol, Ankara plans to provide
  around $550 million to the "TRNC." Agriculture and services, together,
  employ more than half of the work force.

GDP (purchasing power parity):
  Republic of Cyprus: $16.85 billion; north Cyprus: $4.54 billion (2005 est.)

GDP (official exchange rate):
  Republic of Cyprus: $15.43 billion (2005 est.)

GDP - real growth rate:
  Republic of Cyprus: 3.7%; north Cyprus: 10.6% (2005 est.)

GDP - per capita (PPP):
  Republic of Cyprus: $21,600 (2005 est.); north Cyprus: $7,135 (2004 est.)

GDP - composition by sector:
  Republic of Cyprus: agriculture 3.8%; industry 20%; services 76.2% (2005
    est.)
  north Cyprus: agriculture 10.6%; industry 20.5%; services 68.9% (2003 est.)

Labor force:
  Republic of Cyprus: 370,000, north Cyprus: 95,025 (2004 est.)

Labor force - by occupation:
  Republic of Cyprus: agriculture 7.4%, industry 38.2%, services 54.4% (2004
    est.)
  north Cyprus: agriculture 14.5%, industry 29%, services 56.5% (2004 est.)

Unemployment rate:
  Republic of Cyprus: 3.8% (2005 est.); north Cyprus: 5.6% (2004 est.)

Population below poverty line:
  NA%

Household income or consumption by percentage share:
  lowest 10%: NA%
  highest 10%: NA%

Inflation rate (consumer prices):
  Republic of Cyprus: 2.5% (2005 est.); north Cyprus: 9.1% (2004 est.)

Investment (gross fixed):
  Republic of Cyprus: 18.9% of GDP (2005 est.)

Budget:
  revenues: Republic of Cyprus - $6.698 billion (2005 est.)
  expenditures: Republic of Cyprus - $7.122 billion (2005 est.)
  revenues: north Cyprus - $231.3 million (2003 est.)
  expenditures: north Cyprus - $432.8 million (2003 est.)

Public debt:
  Republic of Cyprus: 72% of GDP (2005 est.)

Agriculture - products:
  citrus, vegetables, barley, grapes, olives, vegetables; poultry, pork,
  lamb; dairy, cheese

Industries:
  tourism, food and beverage processing, cement and gypsum production, ship
  repair and refurbishment, textiles, light chemicals, metal products, wood,
  paper, stone, and clay products

Industrial production growth rate:
  Republic of Cyprus: 3.7% (2005 est.); north Cyprus: -0.3% (2002 est.)

Electricity - production:
  Republic of Cyprus: 3.801 billion kWh; north Cyprus: NA kWh (2003)

Electricity - consumption:
  Republic of Cyprus: 3.535 billion kWh (2004); north Cyprus: NA kWh (2003)

Electricity - exports:
  0 kWh (2003)

Electricity - imports:
  0 kWh (2003)

Oil - production:
  Republic of Cyprus: 300 bbl/day (2005 est.)

Oil - consumption:
  Republic of Cyprus: 52,000 bbl/day (2003 est.)

Oil - exports:
  NA bbl/day

Oil - imports:
  NA bbl/day

Natural gas - production:
  0 m³ (2003 est.)

Natural gas - consumption:
  0 m³ (2003 est.)

Current account balance:
  Republic of Cyprus: $-849 million (2005 est.)

Exports:
  Republic of Cyprus: $1.237 billion f.o.b.; north Cyprus: $69 million f.o.b.
    (2005 est.)

Exports - commodities:
  Republic of Cyprus: citrus, potatoes, pharmaceuticals, cement, clothing and
    cigarettes; north Cyprus: citrus, potatoes, textiles

Exports - partners:
  UK 27.2%, Greece 11.9%, Germany 5%, UAE 4.8% (2004)

Imports:
  Republic of Cyprus: $5.552 billion f.o.b.;; north Cyprus: $415.2 million
    f.o.b. (2004 est.)

Imports - commodities:
  Republic of Cyprus: consumer goods, petroleum and lubricants, intermediate
    goods, machinery, transport equipment;
  north Cyprus: vehicles, fuel, cigarettes, food, minerals, chemicals,
    machinery

Imports - partners:
  Greece 15.2%, Italy 10.5%, Germany 8.9%, UK 8.6%, France 6.3%, Japan 4.7%,
  Israel 4.4%, China 4% (2004)

Reserves of foreign exchange and gold:
  Republic of Cyprus: $3.989 billion; north Cyprus $NA (2005 est.)

Debt - external:
  Republic of Cyprus: $7.803 billion; north Cyprus: $NA (2005 est.)

Economic aid - recipient:
  Republic of Cyprus - $NA; north Cyprus - $700 million from Turkey in grants
  and loans, which are usually forgiven (2003-06)

Currency (code):
  Republic of Cyprus: Cypriot pound (CYP); Turkish Cypriot area: Turkish New
    lira (YTL)

Exchange rates:
  Cypriot pounds per US dollar - 0.4641 (2005), 0.4686 (2004), 0.5174 (2003),
  0.6107 (2002), 0.6431 (2001), Turkish lira per US dollar - 1.36 (2005),
  1.426 million (2004), 1.501 million (2003), 1.507 million (2002), 1.226
  million (2001)

Fiscal year:
  calendar year

§6. Cyprus Communications

Telephones - main lines in use:
  Republic of Cyprus: 418,400 (2004); north Cyprus: 86,228 (2002)

Telephones - mobile cellular:
  Republic of Cyprus: 640,500 (2004); north Cyprus: 143,178 (2002)

Telephone system:
  general assessment: excellent in both Republic of Cyprus and north Cyprus
    areas
  domestic: open-wire, fiber-optic cable, and microwave radio relay
  international: country code - 357 (area administered by Turkish Cypriots
    uses the country code of Turkey - 90); tropospheric scatter; 3 coaxial
    and 5 fiber-optic submarine cables; satellite earth stations - 3 Intelsat
    (1 Atlantic Ocean and 2 Indian Ocean), 2 Eutelsat, 2 Intersputnik, and 1
    Arabsat

Radio broadcast stations:
  Republic of Cyprus: AM 5, FM 76, shortwave 0
  north Cyprus: AM 1, FM 20, shortwave 1 (2004)

Television broadcast stations:
  Republic of Cyprus: 8
  north Cyprus: 2 (plus 4 relay) (2004)

Internet country code:
  .cy

Internet hosts:
  46,863 (2005)

Internet users:
  298,000 (2005)

§7. Cyprus Transportation

Airports:
  16 (2005)

Airports - with paved runways:
  total: 13
  2,438 to 3,047 m: 7
  1,524 to 2,437 m: 2
  914 to 1,523 m: 3
  under 914 m: 1 (2005)

Airports - with unpaved runways:
  total: 3
  1,524 to 2,437 m: 1
  under 914 m: 2 (2005)

Heliports:
  10 (2005)

Roadways:
  total: 14,110 km (Republic of Cyprus: 11,760 km; north Cyprus: 2,350 km)
  paved: Republic of Cyprus: 7,403 km (including 268 km of expressways);
    north Cyprus: 1,370 km
  unpaved: Republic of Cyprus: 4,357 km; north Cyprus: 980 km (2003/1996
    est.)

Merchant marine:
  total: 877 ships (1000 GRT or over) 18,837,402 GRT/30,197,663 DWT
  by type: bulk carrier 358, cargo 212, chemical tanker 40, container 136,
    liquefied gas 5, passenger 8, passenger/cargo 19, petroleum tanker 66,
    refrigerated cargo 19, roll on/roll off 9, vehicle carrier 5
  foreign-owned: 782 (Belgium 1, Canada 1, China 10, Croatia 2, Cuba 3, Egypt
    1, Estonia 3, Germany 211, Greece 352, Greenland 1, Hong Kong 1, India 7,
    Iran 2, Israel 3, Japan 17, South Korea 1, Latvia 5, Netherlands 18,
    Norway 14, Philippines 2, Poland 19, Portugal 1, Russia 54, Singapore 2,
    Slovakia 1, Slovenia 4, Spain 5, Sweden 4, Switzerland 6, Syria 2,
    Ukraine 3, UAE 11, UK 8, US 6, Vietnam 1)
  registered in other countries: 67 (The Bahamas 13, Belize 2, Cambodia 15,
    Georgia 1, Liberia 6, Malta 5, Marshall Islands 7, Norway 2, Panama 8,
    Russia 1, Saint Vincent and the Grenadines 3, Seychelles 1, Turkey 3)
    (2005)

Ports and terminals:
  Famagusta, Kyrenia, Larnaca, Limassol, Vasilikos

§8. Cyprus Military

Military branches:
  Republic of Cyprus: Greek Cypriot National Guard (GCNG; includes air and
    naval elements); north Cyprus: Turkish Cypriot Security Force (GKK)

Military service age and obligation:
  18 years of age (2004)

Manpower available for military service:
  males age 18-49: 184,352 (2005 est.)

Manpower fit for military service:
  males age 18-49: 150,750 (2005 est.)

Manpower reaching military service age annually:
  males: 6,578 (2005 est.)

Military expenditures - dollar figure:
  $384 million (FY02)

Military expenditures - percent of GDP:
  3.8% (FY02)

§9. Cyprus Transnational Issues

Disputes - international:
  hostilities in 1974 divided the island into two de facto autonomous
  entities, the internationally recognized Cypriot Government and a
  Turkish-Cypriot community (north Cyprus); the 1,000-strong UN Peacekeeping
  Force in Cyprus (UNFICYP) has served in Cyprus since 1964 and maintains the
  buffer zone between north and south; March 2003 reunification talks failed,
  but Turkish-Cypriots later opened their borders to temporary visits by
  Greek Cypriots; on 24 April 2004, the Greek Cypriot and Turkish Cypriot
  communities voted in simultaneous and parallel referenda on whether to
  approve the UN-brokered Annan Plan that would have ended the 30-year
  division of the island by establishing a new "United Cyprus Republic," a
  majority of Greek Cypriots voted "no"; on 1 May 2004, Cyprus entered the
  European Union still divided, with the EU's body of legislation and
  standards (acquis communitaire) suspended in the north

Refugees and internally displaced persons:
  IDPs: 265,000 (both Turkish and Greek Cypriots; many displaced for over 30
    years) (2005)

Illicit drugs:
  minor transit point for heroin and hashish via air routes and container
  traffic to Europe, especially from Lebanon and Turkey; some cocaine
  transits as well; despite a strengthening of anti-money-laundering
  legislation, remains vulnerable to money laundering; reporting of
  suspicious transactions in offshore sector remains weak


<Factbook 2006>
