Audit oversight body claims Cypriot lawyers are moving sanctioned firms to Dubai

A representative of CyPASA informed the Parliamentary Finance Committee that, following the recent introduction of sanctions, some Cypriot professionals are setting up affected companies in third countries, particularly in Dubai.

Pantelis Christofides of the Cyprus Bar Association responded by calling on the authorities to provide specific evidence regarding lawyers who register sanctioned companies in the United Arab Emirates so that they can investigate.

The Bar Association strongly opposed certain provisions of the proposed legislation. Christofides cited concerns about what he called unconstitutional elements, including requirements for applications to be submitted in English rather than the official language of the Republic.

He also argued that the bills undermine the role of parliament by allowing the Council of Ministers to decide on sanctions, and complained about “ineffective and untimely consultations” on the legislation.

Two of the three bills must be incorporated into Cypriot law by May 20 to comply with EU harmonization requirements, but this now seems unlikely as the Ministry of Finance plans further consultations with stakeholders.

A representative of the Law Firm expressed surprise at what she called the Bar Association's “aggressive stance” against the unit, adding: “I am surprised that the Bar Association has problems with the English language, which we use to facilitate the provision of services.”

The spokesperson for the Ministry of Finance noted that the ministry had responded to the lawyers' correspondence and that some of the lawyers' comments were being raised for the first time. She expressed willingness to make changes to clarify the legislation.

Other stakeholders raised less broad objections during the committee meeting.

Source: en.philenews