Cyprus Bar Association official announcement following sanctions imposed by the USA and UK on Cyprus service providers
On 25 April 2023, the Cyprus Bar Association (CBA) issued an announcement providing further detail on the purpose and content of a meeting held with the President of the Republic of Cyprus and various other stakeholders to discuss the issue of sanctions imposed by the USA and the UK to Cyprus individuals and entities.
As reported by the CBA in its announcement, the core message arising from the meeting was the need for coordinated cooperation of all sectors of the economy, with the preservation and strengthening of the name and profile of Cyprus as a reliable financial, business, and investment centre as a main concern.
In its announcement, the CBA emphasises its ongoing supervisory role and concrete action in monitoring proper compliance of the legal industry with applicable requirements. It further confirms that investigations are underway to identify any breaches by the parties involved of applicable sanctions, noting that further announcements will follow on specific actions which have been taken.