Ministry of Finance: Announcement regarding the obligation imposed by Article 8a of Regulation (EU) 833/2014 on natural and legal persons, entities and bodies with the amendment of the Regulation dated 24/06/2024.
On 23/09/2024, the Ministry of Finance issued an announcement regarding the obligation imposed by Article 8a of Regulation (EU) 833/2014: On 24 June 2024 the Council adopted Decision (CFSP) 2024/1744, according to which is appropriate to require that Union operators undertake their best efforts to ensure that legal persons, entities and bodies established outside the Union that […]
Navigating Sectoral Sanctions: A Guide to Regulation 833/2014
In response to geopolitical tensions between Russia and Ukraine, the European Union adopted Regulation 833/2014 (the “Regulation”), with the aim of impeding Russia’s ability to pursue aggressive actions against Ukraine. The Regulation targets key sectors which are crucial to the development of Russia’s economy, military, and defence sectors, by imposing a variety of restrictive measures, […]
European Supervisory Authorities Warn of Increased Money Laundering Risks Amid Economic and Geopolitical Uncertainties
On 10 September 2024, the European Supervisory Authorities (ESAs)—the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA)—released their Autumn 2024 Joint Committee Report. The Report highlights ongoing threats to the EU financial system due to economic and geopolitical uncertainties, with a particular emphasis […]
Greece to Implement 15% Tax on Cryptocurrencies
There is a significant rise for Greeks, particularly young adults around the age of 30, engaging with cryptocurrencies and digital assets. At the same time, significant issues are caused due to the lack of a clear tax framework in Greece. These issues concern not only the investors engaging in cryptocurrency activities but also the Greek […]
Safeguarding Small and Medium Enterprises (SMEs) through AML Compliance
According to the European Commission, small and medium-sized enterprises (“SMEs”) represent 99% of all businesses in the European Union. SMEs play a vital role in economies, both at national and European level, as they drive innovation, promote growth and create opportunities, thus contributing to more competitive markets. SMEs exist across a number of industries, including […]
European Union countries agree on a 14th package of sanctions against Russia
The EU countries have agreed on a 14th package of sanctions against Russia in reaction to the Russian aggression against Ukraine. Belgium Presidency of the EU Council stated that “This package provides new targeted measures and maximizes the impact of existing sanctions by closing loopholes.” Additionally, 47 new entities and 69 individuals have been added […]
Criminalisation of Violations of EU Sanctions – Adoption of Directive 2024/1226
On the 24th April 2024, the EU Council adopted Directive (EU) 2024/1226 (the “Directive”), through which it introduced a number of criminal offences relating to violation of EU restrictive measures. It also includes provisions aiming to harmonize the penalties to be imposed for violations across all Member States. The Directive entered into force on 19th […]
EU Council adopts package of new Anti-Money Laundering rules
By Stella Hadjiloucas On 30th May 2024, it was announced that the European Council adopted a package of new anti-money-laundering rules, with the aim of safeguarding the rights of EU citizens and to strengthen protection of the EU’s financial system against attempts of money laundering, and terrorist financing. This article aims to highlight some of […]
EU Implements New Sanctions Framework Targeting Human Rights Violations in Russia
By Hionoulla Andreou The European Union has introduced a new sanctions framework aimed at addressing human rights violations, repression of civil society, and undermining democracy in Russia. The new regime comprises of Council Implementing Regulation (EU) 2024/1488 of 27 May 2024, implementing Regulation (EU) 2024/1485 concerning restrictive measures in view of the situation in Russia, […]
The importance of a tailored AML Manual and a business-wide Risk Assessment
In today’s complex and rapidly changing regulatory landscape, ensuring compliance with Anti-Money Laundering (AML) regulations is necessary for businesses to fight financial crime. AML Manuals serve as comprehensive guides, outlining policies, procedures, and controls to detect and prevent money laundering. They not only ensure regulatory adherence but also signify a commitment to ethical business practices. […]
Impairment of funds during the events of 2013: Re-opening of the electronic service for the participation in the Replenishment Plan of the National Solidarity Fund for submission of electronic applications
The Ministry of Finance has extended the submission deadline for the Cyprus National Solidarity Fund Replenishment Scheme (the ‘Scheme’). The new deadline for electronic applications is 25 May 2024. The Scheme, established under the Law on the Establishment of a National Solidarity Fund (Law 11(I)/2013), aims to partially replenish losses incurred by natural and legal […]
Reporting Obligation of Article 5r of Regulation (EU) 833/2014
The European Commission has implemented Article 5r of Council Regulation (EU) 833/2014 which introduces a new reporting obligation. The new requirement will give national competent authorities better visibility on the flow of funds related to Russian-owned entities out of the EU, without jeopardising the activities of entities that are (partly) Russian-owned and operating legitimately in […]