CySec reports that 63 regulated entities connected with Mossack Fonseca Panama Papers 

CySEC

CySec has issued today a report to inform regarding the results of its evaluation of 413 regulated entities (CIFs, ASPs, MC UCITS, AIFMs, AIFLNP) for possible relation with Mossack Fonseca and Panama Papers.

CySec wishes to inform that:

Following the issuing of Circulars C125 and C132 in relation to the leak of Mossack Fonseca documents, referred to as the “Panama Papers”, the Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform that it has proceeded with the collection of data from 413 regulated entities (CIFs, ASPs, MC UCITS, AIFMs, AIFLNP) in order to evaluate possible business relationship with Mossack Fonseca and/or any person included in the said leaked documents.

From the data collected, it was established that 63 regulated entities had and/or have a business relationship with Mossack Fonseca and/or with person(s) included in the Panama Papers. The data concerning the abovementioned 63 regulated entities will be further examined and inspected within the framework of onsite inspections performed by CySEC.

It is clarified that, as MOKAS also states in a Circular dated 12 May 2016, the inclusion of any person in the said documents does not necessarily imply any suspicious activities relating to money laundering.

CySEC is calling anew its supervised entities to adopt measures for the continuous monitoring of matters related to the “Panama Papers,” as well as to continuously monitor their customers’ business relationships, as required by the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007-2016 and CySEC Directive DI144-2007-08 of 2012 for the Prevention of Money Laundering and Terrorist Financing.

Source: CySec – Announcement 06-02-2016 related to Panama Papers

 

 

 

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