Financial Crime World

Here is the converted article in Markdown format:

Cyprus Enacts New Sanctions Law: Regulatory Measures and Penalties Introduced

The Republic of Cyprus has introduced new sanctions legislation aimed at implementing United Nations Security Council (UNSC) sanctions and European Union (EU) restrictive measures more effectively.

Regulatory Measures

Under the new law, the supervisory authority can impose various regulatory measures to address breaches. These measures include:

  • Requiring the supervised person to take specific remedial actions within a specified timeframe;
  • Temporarily banning individuals responsible for managerial functions in an obliged entity from exercising such responsibilities;
  • Imposing administrative fines on persons held responsible for breaches.

Criminal Penalties

The law also provides for criminal penalties, including imprisonment and pecuniary penalties, for natural and legal persons found guilty of violating the sanctions legislation.

Relevant Regulators and Contact Information

Several government agencies and organizations have been designated as regulators under the new law. These include:

  • Ministry of Foreign Affairs
  • Unit for Combating Money Laundering (MOKAS)
  • Central Bank of Cyprus
  • Advisory Body on Financial Sanctions
  • Customs and Excise Department
  • Ministry of Finance
  • Ministry of Transport
  • Ministry of Energy, Commerce, Industry and Tourism
  • Cyprus Police
  • Cyprus Securities and Exchange Commission

Contact information for these regulators can be found below:

  • Unit for Combating Money Laundering (MOKAS): PO Box 23768, Nicosia, Cyprus
  • Central Bank of Cyprus: Department of Licensing and Regulatory Compliance, PO Box 25529, Nicosia, Cyprus
  • Advisory Body on Financial Sanctions: Corner of Michael Karaoli & Gregori Afxentiou, Nicosia, Cyprus

If you require further guidance or advice on the new sanctions law and its implications for your business, please consult with an experienced legal expert.

Note: The information contained in this article is intended as a general guide only and should not be relied upon as legal advice. It is recommended that readers seek specific advice from qualified professionals regarding their individual circumstances.

About Eversheds Sutherland

Eversheds Sutherland is a global provider of legal and other services, operating through various separate and distinct legal entities. Our Cyprus office provides expert legal advice to clients across the region. For more information, please contact us at [insert contact details].