In the aftermath of the Panama Papers scandal which exposed a large tax evasion mechanism involving clients of Panama based law firm Mossack Fonseca, The Cyprus Securities and Exchange Commission (CySEC) has collected data from 413 regulated entities to identify connections with the international scandal.
According to the findings from the documents which the CySEC collected from multiple types of companies including Cyprus Investment Firms (CIFs), 63 regulated entities had and/or have a business relationship with Mossack Fonseca and/or with person(s) included in the Panama Papers.
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The Cypriot regulator has announced that further to this announcement it will conduct additional reviews and onsite inspections in order to confirm the nature of the business relationships of the regulated entities with companies involved in the Panama Leaks.
CySEC has outlined in its announcement that the mere inclusion of a certain company in the list doesn’t imply that the firm has engaged in any illegal activities related to money laundering.
The Cypriot watchdog has asked its supervised entities implement additional steps in order to continuously monitor activities connected to the infamous “Panama Papers.” The CySEC has also reminded in the announcement hat companies need to monitor their clients for compliance with the Prevention and Suppression of Money Laundering and Terrorist Financing Laws.