NICOSIA, Cyprus — Cyprus' government has dismissed a media report citing a classified German intelligence service report that claims a financial bailout for the country would primarily benefit Russians who have stashed billions in ill-gotten gains in its banks.

Spokesman Stefanos Stefanou rejected the article by German magazine Spiegel as an attempt to sully the country's reputation as an international investment center.

Stefanou said Monday that Cyprus has enacted effective anti-money laundering laws that fully adhere to European Union  law and which have earned plaudits from the Council of Europe and the International Monetary Fund (IMF).

Cyprus is now in talks with the European Commission, the European Central Bank, and the IMF for a multi-billion euro bailout to prop up its banks which have taken huge losses on their holdings of Greek debt.