Following the global scandal, related to Panama Papers, showing many clients of the Panama based company Mossack Fonseca being guilty of tax evasion, the Cyprus Securities and Exchange Commission (CySEC) has made an assessment of data from 413 entities under its supervision to find any connections with the Fonseca’s scandal.
As the CySEC found in the collected documents from different types of companies including Cyprus Investment Firms (or ASPs, MC UCITS, AIFMs, AIFLNP), 63 regulated entities had and/or have a business relationship with Mossack Fonseca and/or with person(s) included in the Panama Papers.
The Cypriot watchdog has informed that after 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.
It should be added that the CySEC has stated in its announcement that the mere inclusion of a certain company in the list doesn’t mean that the company had to be connected directly to 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.
To read the official announcement, click here.
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