Filenews 6 May 2023
Criminal investigations are ongoing by the Police against nine offices - companies, in relation to the possible violation of sanctions imposed by the European Union since March 2022 on Russian citizens and companies, due to Russia's war in Ukraine.
Investigations against the nine companies began after foreign agencies determined they may have been involved in their actions or helped assist sanctioned individuals or entities from Russia. The relevant investigations are carried out by the Financial Crime Sub-Directorate at the Police Headquarters, which is in contact and consultation with the Attorney General's Office and other involved services, in order to gather evidence. The investigations are expected to examine documents or even reveal banking information to determine whether the EU embargo has been violated.
According to the same information, investigations into two other cases involving a similar subject matter have been completed and no criminal offences have been detected, so they have been archived. At the same time, the authorities who had requested the investigation were informed of this development.
"F" contacted police spokesman Christos Andreou, who confirmed that "there are a number of cases being investigated by the Police concerning alleged violations of EU sanctions. For these cases, there is full consultation and cooperation between the investigation team and the Attorney General's office. At this stage it is not appropriate to provide any further information."
Meanwhile, additional information tells us that for the recent sanctions imposed on Cypriots by the US and Britain for allegedly violating the sanctions imposed on Russians, no criminal investigation has been requested or opened. The matter is being monitored by the competent authorities and if new information is transmitted then the possibility of involving the Police will be considered.
The issue of EU sanctions imposed on Russia is also closely monitored by the Cyprus Bar Association, which has immediately proceeded to adequately inform and guide our supervised persons, applying strict standards. According to the GPP, on-site inspections continue to be carried out to verify the compliance of supervised persons, by collecting and evaluating information and conducting on-site inspections. In fact, for the effective exercise of supervision, the GPP has proceeded with the modernisation of the supervisory control framework following the data presented in the relevant Moneyval report.
Lawyers are also waiting for a new U.S.-British sanctions list, which is expected to be sent by mid-May.
