Cyprus reminds entities about their enhanced sanctions disclosure obligations (and the reporting deadline of 1 September 2022)
On 9 August 2022, the Ministry of Finance published an announcement regarding the obligation of natural and legal entities, as listed in Annex I of Council Regulation (EU) No 269/2014 of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (Regulation 269/2014) to report funds or financial resources belonging to, owned, held or controlled by them which are located in Cyprus.
The Ministry, following the amendments of the recent EU sanctions package referred to above, has additionally reminded all natural and legal persons, as listed in Annex I of Regulation 269/2014 that they must report such information before 1 September 2022 or within 6 weeks from the date of listing in Annex I, whichever is latest, funds or economic resources belonging to, owned, held or controlled by the entities or bodies which are located in Cyprus. To report, any such natural and legal persons must complete the reporting form that may be found here and submit it to the Ministry of Finance.
It is noted that failure to comply with the reporting liability will be considered as participation in activities the object or effect of which is to circumvent the measures.
The official announcement can be found here.