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Cyprus

CySec has tracked 63 entities with ties to Mossack Fonseca

The Cyprus Securities and Exchange Commission (CySec) said it has tracked 63 regulated entities with business ties to Mossack Fonseca, the law firm which gained global prominence after the leak of Panama papers.

In a statement on Thursday, CySec said 63 entities in Cyprus were found to presently have, or to have had in the past, a business relationship with Mossack Fonseca, and/or to persons named in the Panama papers.

But such ties do not automatically suggest suspicious activity related to money laundering, CySec added.

The regulatory authority said it would continue assessing the data and would be carrying out on-site inspections.

CySec said it has gathered data from 413 regulated entities.

In the wake of the Panama papers reveal, CySec instructed entities to inform it if they have or had any business relationship with customers introduced or managed by Mossack Fonseca or any person who appeared to be included in the Panama papers.

The move was in line with article 58(d) of the Prevention and Suppression of Money Laundering and Terrorist Financing Laws of 2007-2016.

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