SANCTIONS | GCP LAW – CYPRUS | COMPLIANCE

Due to the Ukrainian crisis, the USA, the UK and the European Union have proceeded to impose restrictive measures, known as Sanctions.

As a result of the above, governments around the world and especially in Europe, have set in place restrictions to pressure the Russian Federation in legal jurisdictions worldwide

We at GCP LAW work with you hand in hand to resolve any problems.

We can help you comply with the Sanctions by carrying out the necessary due diligence, developing policies and training programs, and obtaining licenses. We assist you by investigating potential breaches, advising on self-disclosure, and dealing with regulators and other enforcement authorities.

Particularly, Cyprus, being an EU member-state, has set-up a working group (the “Group”) consisting of representatives from various governmental authorities. It examines requests of Interested Parties submitted for their clients, natural or legal persons, for exemption and release of certain frozen resources or funds, if this is considered necessary for certain reasons. The Group has a role of providing guidance in case of need by interested Parties (e.g. Cypriot citizens, Cypriot companies, law firms, financial institutions). Such requests, include the possible necessity to meet the basic needs of the natural or legal persons, entities or bodies listed in the sanctions and their dependent family members, payment of reasonable professional remuneration or to cover the costs associated with the provision of legal services; payment of fees or charges for services relating to the ordinary maintenance or safekeeping of frozen funds or financial resources.

Apart from the above, the Sanctions entail a risk that potentially innocent private companies and individuals will be affected.  We offer legal counsel and representation to any nongovernmental businesses and individuals who find themselves unfairly discriminated or unjustifiably and adversely affected. What’s crucial is for these parties to have access to legal advice, to understand their rights and obligations as well as the legal options at their disposal under the rule of law, so that the relevant authorities make decisions based on accurate and complete factual records.  

GCPLAW is in the position to advise directly clients and/or the professional counsels, for compliance with the Sanctions. Whichever the case, our team of Sanctions’ experts will help you legally navigate through the minefield of Sanctions.  

In this respect, feel free to contact us at any time, in case you would like more information about how GCP LAW can help you.

Georgia Constantinou Panayiotou,
Founder and Managing Partner,
Georgia@gcplaw.com.cy                

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