National Competent Authorities
The Ministry of Foreign Affairs is involved in the decision-making process regarding the enforcement of restrictive measures at EU level.
The Unit for the Implementation of Sanctions in the Financial Sector (MEK) is the designated competent authority responsible to adjudicate applications / requests for derogations and authorisations provided by the relevant UN and EU decisions and regulations.
The Advisory Committee on Economic Sanctions (SEOK) examines requests submitted, inter alia, by financial institutions for the release of funds and financial resources and by persons affected because of alleged wrongful freezing of funds held with financial institutions.
The Central Bank of Cyprus is the competent authority for licensing and supervision of banking institution in Cyprus and participates both in MEK and SEOK.
Please see point 7 in: Directorates / Units, Ministry of Finance.
Legislation
Law for the Implementation of the Provisions of the Resolutions or Decisions of the United Nations Security Council (Sanctions) and the Decisions and Regulations of the Council of the European Union (Restrictive Measures) No. 58(I) of 2016
Prevention and Suppression of Money Laundering and Terrorist Financing Law No. 188(I)/2007
Guidance
Cyprus Securities and Exchange Commission: Guidance on Sanctions and Restrictive Measures
Cyprus International Business Association: Selected EU Russia Sanctions FAQs
Enforcement
The Prevention and Suppression of Money Laundering and Terrorist Financing (Law No. 188(I)/2007 as amended) empowers courts to issue a confiscation order in relation to the proceeds of the illegal activities.
