Announcement of the Ministry of Finance: “Participation in the Replenishment Scheme of National Solidarity Fund”- Cases of Affected Persons who did not submit an electronic application by 25/5/2024
On 07/03/2025, the Ministry of Finance announced that following the relevant Announcements dated 20/12/2023, 8/4/2024 and 13/5/2024 for the “Participation in the Replenishment Scheme of the National Solidarity Fund”, and in relation to various requests for the opportunity of submitting applications from affected persons who did not submit an electronic application during the period of […]
Are Real Estate Developers in Cyprus Subject to AML Laws?
In Cyprus, real estate transactions are a known target for money laundering, making compliance with Anti-Money Laundering (AML) laws a key requirement for professionals in the sector. The real estate market often involves high-value transactions and international buyers, making it vulnerable to illicit financial activities. While real estate agents are explicitly designated as obliged entities […]
EU’s 16th Sanctions Package: Strengthening Compliance Measures
Today, the EU adopted its 16th package of economic and individual restrictive measures against Russia, marking three years since the full-scale invasion of Ukraine. This latest round of sanctions introduces significant compliance challenges for financial institutions, service providers, and businesses operating within the EU and beyond. Below are the key highlights. – Expanded Individual Listings: […]
EU Ambassadors Approve 16th Package of Sanctions Against Russia
On Wednesday February 19th 2025, European Union ambassadors reached an agreement on the EU’s 16th package of sanctions against Russia. The new measures include a ban on primary aluminum imports, restrictions on exporting chemicals, chrome, and other materials essential for precision machine tools, as well as prohibitions on servicing oil and gas refineries. Additionally, the […]
EU Publishes New FAQ on Sanctions Against Russia and Belarus relating to the Provision of Services
The EU has updated its FAQs relating to the sanctions against Russia and Belarus, with the addition of a new question which focuses on Article 5n of Council Regulation (EU) No 833/2014. Article 5n(1) of EU Regulation 833/2014 reads as follows: Based on the above article, the following FAQ has been inserted: Question: Does the […]
AML Regulations in the Gambling Industry
The gambling industry, including online casinos and sports betting, plays a significant role in the global economy, generating billions in annual revenue. However, its high cash turnover and potential for anonymous transactions make it an attractive target for money laundering. Criminals take advantage of the sector to disguise illicit funds as legitimate gambling proceeds, underscoring […]
Spotting Red Flags: Sanctions Evasion in the Financial and Trade Sectors
Financial sanctions are restrictive measures imposed by governments and international bodies to achieve foreign policy and security objectives, preventing individuals, entities, or countries from accessing financial services and resources. Restrictive measures can take the form of asset freezes, trade restrictions, travel bans, and so on. Although significant attention has recently been given to sanctions targeting […]
Sanctions Compliance: Insights and Best Practices
In today’s complex regulatory landscape, sanctions compliance has evolved from a regulatory obligation to a critical business necessity. Organisations are under increasing scrutiny, with the risks of non-compliance ranging from financial penalties and reputational harm to criminal prosecution. The Institute of Certified Public Accountants of Cyprus (ICPAC) has recently published comprehensive case studies that delve […]
EU Set to Prepare 16th Sanctions Package Against Russia
The European Union is preparing a significant update to its sanctions strategy against Russia, which is set for adoption by 24 February 2025, marking the third anniversary of its full-scale invasion of Ukraine. The 16th sanctions package aims to send a “clear signal” to Moscow by addressing new sectors of Russia’s economy that have not […]
EU adopts 15th package of sanctions against Russia
On the 16 December 2024, the European Council adopted the 15th package of sanctions against Russia, through which various restrictive measures were imposed. These measures are designed to address the circumvention of EU sanctions through targeting of Putin’s shadow fleet and weaken Russia’s military and industrial sectors. The key provisions of the 15th package are […]
Significant Changes to the Cyprus UBO Register: Extension of Deadlines and Withdrawal of Monetary Penalties
On 16 December 2024, the Department of Registrar of Companies and Intellectual Property issued a public announcement on the significant changes to the framework governing the Beneficial Ownership Register. These changes follow the publication of The Prevention and Suppression of Money Laundering Activities (Amending) (No.2) Law of 2024, Law No. 141(I)/2024, on 6 December 2024. […]
Cyprus Sets €10,000 Cash Limit in Fight Against Financial Crime
The Cyprus Parliament has introduced a new law that places a limit of €10,000 on cash transactions for goods and services. The regulation, passed in early December, aims to reduce financial crime by adding restrictions to the use of cash in high-value dealings. By promoting traceable payment methods, the measure is designed to combat money […]