Cyprus Confidential: A new investigation by ICIJ and 68 media partners

The gist of it:

> The Russian money flow was a bonanza for Cyprus’ powerful industry of bankers, offshore service providers, accounting firms like PwC and other Big Four firms, and an army of 4,000 lawyers — all deeply intertwined with a Cypriot political class that erected some of Europe’s most stringent corporate secrecy rules and turned the Central Bank of Cyprus into a protector of the system rather than its regulator.

"Taken together, the project’s 3.6 million documents — despite representing a small fraction of Cyprus’ offshore industry records — reveal the EU member state to have been a massive financial hub for Putin’s Russia."

A disgrace for the EU, although hardly the only one. Note that also the spyware industry looms there.