articles | 10 March 2014

Companies in Cyprus must comply with EU Ukraine related regulation

The CySEC calls on all the organisations it oversees to comply with an EU regulation on the freezing of assets of legal or natural persons to do with the misappropriation of Ukrainian state funds.

The 2014 contains in its annex a list of 18 natural and legal persons and has to do with the freezing of funds and economic resources of certain persons identified as responsible for the misappropriation of Ukrainian state funds. The Commission calls on all the organisations it oversees to immediately examine as to whether any person or persons included in the list are their customers and if so that they immediately proceed to freeze their assets in the organisation’s possession, according to a press release. All organisations should notify the Committee by the latest on Wednesday, March 2014, whether they do indeed have such customers or not. In case they do, they should state the name of such person or persons, the type of assets in the organisation’s possession or managed by it as well as their total value.

Source: Famagusta Gazette

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