Antis Triantafyllides & Sons LLC advises on sanctions
Economic sanctions are an increasingly common and powerful foreign policy tool that are usually implemented by governments or international bodies in response to grave geopolitical events that may be deemed to be a threat to national security.
The implementation of sanctions poses now huge financial, criminal, reputational, political and regulatory risks, both for legal entities and for private individuals. Failure to comply with sanctions regimes can result in the imposition of significant civil and criminal penalties, including fines and even imprisonment.
Sanctions also tend to affect the relationships with designated persons and businesses that fall under the jurisdictions that are targeted by said sanctions. Due to the fact that sanctions can be imposed at any time without prior notice to the targeted persons, our experienced team is responsible for closely monitoring the fast-paced changes that take place around the world and keeping itself up to speed with new regulations relating to sanctions, in order to be in a position to provide insight into the possible interpretations and applicability of the new sanctions regimes.
Our firm assists clients to remain in compliance with sanctions and restrictive measures taken by the European Union and the United Nations, by carrying out thorough due diligence and obtaining licenses and permits, as well as providing assistance with investigating potential breaches and dealing with regulators and competent authorities. Our firm can provide advice to clients with respect to both the EU and the UN sanctions, noting that our firm currently represents trade and consulting companies, investment firms as well as private individuals.
Our recent work includes submission of dozens of applications to the Advisory Committee on Economic Sanctions (SEOK) and the Unit for the Implementation of Sanctions in the Financial Sector (MEK) in the Republic of Cyprus for obtaining licences and approvals according to the exemptions provided by the EU Regulations.