“On the basis of this MoU, the organisations will cooperate with each other to prevent of the financial system being used for the purposes of money laundering or terrorist financing in the administrative services sector,” said a joint statement.

It said CySEC and ICPAC will also address issues and violations of legislation with a common objective to ensure compliance of the supervised entities

The MoU was signed by CySEC chairwoman Demetra Kalogerou and ICPAC chairman Demetris Vakis.

“The agreement provides a framework and procedures for cooperation, in order to facilitate the exchange of information and more generally, the provision of mutual assistance, for the more effective exercise of the responsibilities and the objectives of the two Organisations,” said the statement.

Source: Financial Mirror