The Cyprus Securities and Exchange Commission (CySEC) today announced a request for information from its regulated members in connection with any involvement or ties to parties named in the leaked Panama Papers from the law firm Mossack Fonsecca, related to alleged tax evasion and money laundering activities.
The circular requires that firms reply by no later than Wednesday April 20th and was addressed to CySEC regulated entities including Cyprus Investment Firms (CIFs) Administrative Service Providers, UCITS Management Companies, Alternative Investment Fund Managers and Self Managed Alternative Investment Funds categories including those with a limited number of persons.
2020 Trading Cup Gets Off to a Flying StartGo to article >>
CySEC cited the relevant AML laws and asked its regulated members to investigate their records to determine whether they maintain or maintained any relationship with the company Mossack Fonseca, either directly or with any third person acting for or representing Mossack Fonseca.
In addition, CySEC requested that firms confirm whether they had maintained any business relationship with customers introduced or managed by Mossack Fonseca or by any third person acting on the law firm’s behalf.
The circular added how firms must confirm if they maintain any business relationship with any other person who appears to be included in the Panama Papers, and requested that they respond as soon as possible. The news follows the United Kingdom’s FCA making a similar request to its members, as reported by Finance Magnates.