Following recent developments and a number of queries, the National Sanctions Implementation Unit (NSIU) has set out what applicants should do when a person is removed from an EU restrictive measures list while an authorisation application concerning that person is still pending.
The instructions are as follows:
- Withdraw the application in writing. Send the withdrawal request to nsiulicensing@mof.gov.cy and copy the NSIU officer dealing with the application, if you know who that is.
- Give the reason and cite the Council act. The request should say that the authorisation is no longer needed because the person has been delisted, and should refer to the relevant Council act published in the Official Journal of the European Union.
- Address any remaining listed persons. Where other persons who are still listed hold an interest in the entity, for example as shareholders or beneficial owners, the request must include documents showing that they do not own or control the entity, whether individually or together.
- Confirm there are no other listings. The applicant must also confirm in writing that the delisted person does not appear under any other EU or UN restrictive measures regime.
- Wait for the NSIU’s written confirmation. The NSIU will confirm that the application has been withdrawn and that, because of the delisting, no authorisation is needed for the transactions in question. The applicant can then proceed without waiting for an authorisation, as long as no other prohibition or restriction under restrictive measures applies. The confirmation is not an authorisation.
If you require assistance in preparing for such a circumstance, you can contact us at info@compliancemk.com.
The details presented by MK Compliance Limited are intended for general informational purposes and should not be interpreted as formal or professional legal advice. It is recommended not to take any actions or abstain from them solely based on the information provided above. For specific guidance, it is advised to seek legal or other professional advice.