The Implementation of the Provisions of the United Nations Security Council Resolutions or Decisions (Sanctions) and the European Union Council Decisions and Regulations (Restrictive Measures) Law of 2016, Law 58(I)/2016, was published in the Official Gazette on 25 April 2016.
The law obliges every person or entity in the Republic of Cyprus to abide by and comply with all sanctions or restrictive measures imposed by resolutions of the United Nations Security Council or the European Union. Article 3 of the law makes individual ministries responsible for ensuring the observance of sanctions that fall within the scope of their operations, for issuing any appropriate instructions to the persons and entities under their supervision and for taking enforcement action under the provisions of article 59(6) of the Prevention and Suppression of Money Laundering from Unlawful Activities Laws in the event of non-compliance.
The law imposes penalties (up to two years' imprisonment, a fine of €100,000 or both for individuals; a fine of €300,000 for legal entities) in case of non-compliance. In addition, the competent authority is required to report the violation of any sanctions to the police for investigation, and the customs authorities may compound offences under the law with offences under the Customs Code Laws.
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