Cyprus Bar Association issues guidance on sanctions
On 5 March 2022, the Cyprus Bar Association (CyBar) issued a high-level questions and answers guidance (Q&A) on sanctions with which it aims to guide the obliged entities of the CyBar (the Obliged Entities) on how to meet the requirements imposed by the obligation to comply with the sanctions, which are rapidly increasing in number and scope, have a wide impact, and are binding on all natural and legal persons.
The Q&A provides guidance, among others, on the following issues commonly faced by its members:
- Considerations to take into account when assessing whether an Obliged Entity is impacted by sanctions
- Considerations in the context of litigation services
- Considerations in the context of legal advice
- The obligations of Obliged Entities where they offer services to a client (natural or legal person) which are subject to sanctions
- The actions which Obliged Entities must take internally and how a Sanctions Policy can be adopted by the Obliged Entities; and
- The licensing options for permitted exemptions from sanctions
In addition, a list of the national competent authorities and their contact details are provided at the end of the Q&A.
The CyBar guidance can be found in Greek here.