Sanctions, Anticorruption and AML

Harris Kyriakides assists clients in carrying out their business within the jurisdiction of the Republic of Cyprus in compliance with economic sanctions, export controls, and national security restrictions imposed by the Government of Cyprus or otherwise applicable within the jurisdiction of Cyprus as a result of rules and regulations promulgated by the United Nations, the United States, the European Union, the United Kingdom, and other nations throughout the world. Navigating sanctions and trade regulations can be an overwhelming challenge for multinational corporations, small businesses, and private individuals alike.  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 also advise on compliance with anti-corruption laws, which is a keystone for doing effective business in Cyprus.  With increasing business opportunities within the island and the expansion of regulatory framework against corruption, anti-corruption is no longer simply a matter of corporate social responsibility but a legal obligation.  Our practice advises clients on their obligations, including recommending the implementation of preventative measures, such as rigorous compliance programs, manuals, training and internal audit mechanisms. 
 
Further, our practice advises on compliance with anti-money laundering obligations, which is nowadays one of the greatest challenges for business operating in Cyprus.  We undertake or advise on risk assessment, preparation and implementation of policies, controls and procedures, customer due diligence and identifying red flags, detecting and reporting suspicious activities and record keeping.