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Department of Merchant Shipping Circular No. 16/2016 : The implementation of the Provisions of the U.N. Security Council Resolutions or Decisions ( Sanctions) and the E.U. Council Decisions and Regulations ( Restrictive Measures) of 2016 (Law 58(I)/2016)

As per Circular No.16/2016 of the Department of Merchant Shipping of Cyprus issued on 27th May 2016 The implementation of the Provisions of the U.N. Security Council Resolutions or Decisions ( Sanctions) and the E.U. Council Decisions and Regulations ( Restrictive Measures) of 2016 (Law 58(I)/2016) hereinafter referred to as “the Law” has been entered into force.

The Law sets out the obligations of individuals and legal entities in Cyprus to comply with UN Security Council and EU Decisions and Regulations alike.

Furthermore responsibility for compliance of the Law has been given to the relevant Ministries, independent agencies or supervisory bodies in Cyprus which are given the authority to issue instructions to individuals or legal entities under their supervision and report any violations of the Law to the Cyprus Police.

Penalties for violation of the Law range from €100,000 and/or 2 years in jail for individuals and €300,000 for legal entities. The Law also empowers the customs authorities to compound offences under the Customs Code Law mutatis mutandis in respect to the offences under the Law.