Last week the compliance and oversight department of the Cyprus Bar Association raided the premises of the company Finsol controlled by a Greek national regulated by the CBA.
The raid is part of a wider investigation which includes the Cypriot Anti-Money Laundering Authority and Cyprus police.
While the investigation includes allegations unrelated to sanctions, part of the investigation, further to our earlier post, includes allegation of back-dated asset transfers in relation to the company Santinomo Limited, allegedly in an attempt to avoid the impact of a new designation.