The Cyprus Securities and Exchange Commission (Cysec) has been spurred into action by the allegations, made last week by Paphos mayor Phedonas Phedonos, about links between Cyprus-based foreign exchange firms and South American drug cartels. Although the mayor did not substantiate his allegations, Cysec still said on Tuesday it was “taking practical steps to collect all the data and information” needed to decide whether to proceed with an investigation.
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