Cyprus News & Insights
Latest from Cyprus — Tax, Corporate, Sanctions & Compliance
Curated short briefings on the developments that matter to founders, investors and multinational groups operating in Cyprus.
Sanctions & AMLThe European Court of Justice (CJEU) recently ruled on the interpretation of 'operator' within EU Regulation 833/2014, which prohibits broadcasting content from sanctioned Russian entities. The Court determined that 'operators' are not limited to those acting for profit, disagreeing with the European Commission's prior guidance. This ruling suggests a broader application of the broadcasting prohibition, extending to individuals who may receive donations but do not operate commercially.
Sanctions & AMLVictims of terrorist attacks in Iraq have initiated legal action against British American Tobacco (BAT), alleging the company provided substantial assistance to a North Korean-Iranian-Hezbollah network. The claim asserts that BAT's actions, through previous dealings with a North Korean entity, indirectly supported the missile programs used in the attacks. This legal challenge follows the dismissal of earlier criminal charges against BAT related to US sanctions violations, which occurred after the company fulfilled a deferred prosecution agreement.
Sanctions & AMLThe Financial Action Task Force (FATF) recently hosted a global event, drawing over 1,600 participants, to launch its new roadmap for fighting fraud from 2026 to 2028. The event, led by the UK Presidency and new FATF President Giles Thomson, addressed the widespread impact of fraud on victims, financial markets, and national security. Discussions involved experts from public and private sectors, focusing on financial intelligence, information sharing, asset recovery, and international collaboration.
Sanctions & AMLThe United States has officially labeled the 'Chone Killers,' an organization operating in Ecuador, as both a foreign terrorist organization (FTO) and a specially designated global terrorist (SDGT). This action signifies a significant classification of the group under US counter-terrorism frameworks.
Sanctions & AMLThe US Office of Foreign Assets Control (OFAC) has issued a reminder regarding the submission of blocked property reports. Entities holding assets blocked under OFAC regulations as of June 30, 2026, are required to submit a detailed report to OFAC by September 30, 2026. This mandate ensures compliance with sanctions programs by accounting for all frozen properties.
Sanctions & AMLThe United States has prolonged the temporary waiver on sanctions against Naftna Industrija Srbije (NIS), a Russian-owned oil refinery in Serbia, until July 31, 2026. This extension facilitates the refinery's continued crude oil processing while negotiations persist for the sale of a controlling interest in NIS from Gazprom Neft to Hungary's MOL Group. The U.S. also granted MOL Group a specific license extension to continue these discussions.
Sanctions & AMLThe US Financial Crimes Enforcement Network (FinCEN) has issued an updated alert concerning fuel smuggling operations conducted by cartels based in Mexico, specifically mentioning the Cartel de Jalisco Nueva Generacion (CJNG). This recent warning builds upon a previous alert issued by FinCEN in May 2025, providing further information on these illicit schemes.
Sanctions & AMLThe European Union has issued a statement concerning the alignment of non-EU countries with its sanctions against Russia. In connection with its Regulation (EU) 2024/2642 on hybrid threats, the EU has also added ten individuals and one entity, all of whom are associated with Russian propaganda activities, to its sanctions list.
Sanctions & AMLThe United States has reportedly lifted export controls previously placed on Anthropic. These controls had restricted foreign nationals in specific locations from accessing Anthropic's AI models, including Fable 5 and Mythos 5.