Global Financial Integrity - Raymond Baker "As European and Russian officials currently weigh the merits of bailing out the Cypriot economy, GFI's study raises serious concerns about the legitimacy of Cyprus' financial sector. The report notes that Cyprus, a tiny island nation with a GDP of just $23 billion, is the largest source and destination of Russian foreign direct investment (FDI) from 2009-2011.  According to the IMF, Cyprus sent $128.8 billion in FDI into Russia in 2011, more than 5 times the size of Cyprus' GDP.  "The recorded FDI positions merely reflect the round-tripping of prior illicit deposits from Russia into Cyprus," write Dr. Kar and Ms. Freitas in the report."