Cypriot Firms Guided On Panama Paper Response
by Jason Gorringe, Lowtax.net, London
23 May, 2016
Cyprus's Unit for Combating Money Laundering has issued a directive clarifying the reporting obligations of regulated entities in relation to the Panama Papers.
The directive, explained in circular 132 from the Cyprus Securities and Exchange Commission, requires that registered persons that have identified links to the Panama Papers should review their dealings with those clients to identify money laundering and financial crime risks.
In an earlier directive, the Commission had said that regulated entities should review their records to determine whether they had any connection, past of present, with Mossack Fonseca, the Panamanian law firm at the heart of the Panama Papers leak. Where a connection was identified, regulated entities were required to inform the Exchange.
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