21 April 2023
An integral aspect of the obligations imposed by EU sanctions is the obligation to report information on funds and economic resources that have been frozen or should have been treated as frozen as a result of designation of individuals or entities in the EU Sanctions List.Read More
28 February 2023
On 24 February 2023 the European Union (“EU”) has approved a tenth package of Russia sanctions. The package includes tighter export restrictions regarding dual-use goods as well as measures against entities supporting the war, spreading propaganda or delivering drones used by Russia. Specifically, this package contains the following elements:Read More
17 January 2023
The Department of the Registrar of Companies has recently announced that access to the Cyprus UBO Register has been restored for obliged entities that have AML duties pursuant to Cyprus law.Read More
01 December 2022
Following the recent judgment of the Court of Justice of the European Union (CJEU) in joined cases, C-37/20 and C-601/20 issued on 22 November 2022, the Department of Registrar of Companies and Intellectual Property has announced the suspension of access to the Register of Beneficial Owners for the public.Read More
10 October 2022
On October 6, 2022, the European Union (the EU) adopted the eighth package of restrictive measures (sanctions) against Russia in response to “Russia's continued escalation and illegal war against Ukraine, including by illegally annexing Ukrainian territory based on sham “referenda”, mobilizing additional troops, and issuing open nuclear threats”.Read More
29 June 2022
The EU has approved six packages of sanctions in response to Russia's unprecedented and unprovoked military offense against Ukraine. The measures are aimed at limiting the Kremlin's ability to finance the war and cause clear economic and political costs to Russia and to Russian individuals who are connected to the regime.Read More
01 June 2022
As of today, June 1st, 2022, the Department of Registrar of Companies and Intellectual Property of the Ministry of Energy, Commerce and Industry in Cyprus has allowed access to the general public on the Register of Ultimate Beneficial Owners (UBOs) of Cyprus companies.Read More
22 October 2020
On 12 November 2018, the European Parliament published the 6th AML Directive (AMLD6), bringing into force further rules against money laundering, which Member States are required to transpose into national law by 3 December 2020.Read More
28 February 2020
Moneyval published on 12 February 2020 Cyprus’ comprehensive assessment of the effectiveness of anti-money laundering and countering the financing of terrorism (AML/CFT) system and its level of compliance with the Recommendations of the Financial Action Task Force (FATF).Read More
Anti-money laundering Compliance
Compliance with anti money laundering (AML) legislation is an integral part of contemporary business. AML compliance programmes help businesses uncover suspicious activity associated with criminal acts, including money laundering and terrorist financing. The main goal is to identify risks and maintain processes and internal regulations that would shield a business from facilitating unlawful conduct and allow it to report promptly to the regulators any suspicious transactions. With increasing business opportunities and the expansion of regulatory framework against corruption, bribery and money laundering, AML compliance is no longer simply a matter of corporate social responsibility but a strict legal obligation.
Our firm advises clients on their obligations arising from Cyprus AML legislation and we recommend appropriate preventative measures. We advise on risk assessments, preparation and implementation of compliance programmes, policies, controls, manuals and procedures, customer due diligence and processes which identify red flags in order to detect and report suspicious activities and maintain proper record keeping. We also advise on appropriate training and internal audit mechanisms and provide legal advice on the obligations of companies operating in Cyprus in relation to anti-money laundering laws and regulations applicable in Cyprus.
Restrictive measures (sanctions) are an essential tool in the common foreign and security policy of the European Union, through which it can intervene where necessary to prevent conflict or respond to emerging or current crises. Sanctions are intended to bring about a change in policy or activity by targeting non-EU countries, as well as entities and individuals, responsible for the malign behaviour at stake. Navigating sanctions and trade regulations can be an overwhelming challenge for multinational corporations, small businesses, and private individuals alike.
We also assist clients in carrying out their business within Cyprus in compliance with economic sanctions, export controls and national security restrictions imposed by the Cyprus authorities or otherwise applicable within Cyprus as a result of rules and regulations promulgated by the United Nations and the European Union or as a result of local legislation. We represent private and public companies and individuals, covering compliance and defense matters. Our recent work includes advice and representation in primary and secondary sanctions imposed U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), representation in relation to the U.S. Department of Justice (DOJ) investigations, asset forfeiture proceedings, obtaining OFAC licenses for transactions in or involving sanctioned countries and entities, advice and representation in relation matters pending before the Advisory Committee of Financial Sanctions (SEOK), civil and criminal enforcement of sanctions violations, white collar defense and related litigation.
We undertake internal investigations and inquiries in businesses where misconduct is identified or suspected. This may relate to employee misconduct, disciplinary issues, conflicts of interest, breach of policies, theft, bribery or corruption. We use modern IT capabilities and follow streamlined methodologies in order to collect and analyse evidence, maintain forensic imaging that can be used in Court processes if necessary, conduct interviews with parties involved, issue our findings and recommendations and represent the organisation before any authority or tribunal which may intervene. We also advise on whistleblower policies which sufficiently protect employees to freely communicate their concerns regarding illegal or unethical practices of any entity, such policies being critical to assist organisations with their ethics and compliance programmes.