Lawyers under threat of criminal liability must report the movable and immovable property of Russians, as well as indicate its total value.
The All-Cyprus Bar Association (CBA) sent a circular to its members reminding them of the mandatory implementation of EU instructions on Russian companies and individuals on the sanctions list. This was reported by “Europe. Cyprus”.
By March 31, 2022, Cypriot law firms must provide the CBA with information about their sanctioned Russian clients. also what types of movable and immovable property (houses, apartments, shares, deposits, etc.) they own (it is necessary to specify the total value) “, – it is said in the message.
The All-Cyprus Bar Association reminded its members that those who work with Russian clients need to keep track of changes in international and European legislation and sanctions lists. Violation of sanctions by CBA members can result in administrative penalties from the association and criminal prosecution.
The Institute of Certified Public Accountants of Cyprus (ICPAC) has also sent instructions to its members working with Russian clients. ICPAC referred to a circular from the Cyprus Ministry of Finance, which states that accountants and auditors have the right to provide a limited list of services to clients subject to sanctions.
These are services that are vital to companies and allow them to conduct basic activities without which they cannot work legally. The Ministry of Finance of the Republic of Cyprus referred to the list of services provided by the EU.
The list includes:
- preparation of annual reports;
- bookkeeping;
- preparation of tax returns;
- provision of administrative services;
- payment of taxes.
It will be recalled that the legal team of Ukraine together with the executive authorities, in particular the Ministry of Economy, the Ministry of Energy and law enforcement agencies, is working at various sites to legally establish Russia's guilt in the full-scale war against Ukraine on February 24 and receive reparations from the aggressor .
