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.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.