Report on Lawyers and Accountants Establishing Companies Under Sanctions
May 12, 2025
The Public Oversight Authority of the Audit Profession reported to the Parliament that lawyers and accountants in Cyprus are setting up companies under sanctions, mainly in Dubai. New laws are expected to be implemented to criminalize such practices, but there is resistance from the Cyprus Bar Association. Lawyers are calling for better consultation and point out unconstitutional provisions in the proposed bills. The Ministry of Finance acknowledges that some consultation has taken place, but lawyers are concerned about the effectiveness of the processes.