It is not exaggerating to say that the rates of what we lawyers refer to as a case of “commercial fraud”, remain at record highs all around the globe and Cyprus is not an exemption to this record as the economic globalisation is increasing businesses’ exposure to fraud and the sophistication of the fraudsters’ fraudulent schemes is reaching across national boundaries.
Our Partner Kyriakos Karatsis and our Senior Associate Antonia Argyrou have contributed to the latest magazine of ThoughtLeaders4 FIRE with their article titled ‘Fraud and Worldwide Freezing Injunctions in Cyprus’, discussing the increased number of civil fraud disputes in Cyprus and the necessity of a clear framework for the protection of fraud victims.
On 22 March 2021, the Cyprus government issued new criteria relating to the Fast Track Process of issuing Immigration Permits to applicants-third-country nationals who are willing to invest in Cyprus in an attempt to promote foreign investment to the island and to help economic recovery. Such an Immigration Permit gives the right to permanently reside in Cyprus.
The 5th Anti-Money Laundering EU Directive was transposed into Cyprus legislation through the Prevention and Suppression of Money Laundering Activities Laws of 2017-2021 (the “Law”) on 23 February 2021. According to the Law, companies and any other legal entities incorporated in Cyprus must obtain and maintain accurate and up-to-date information concerning the beneficial owner(s) of the company or legal entity.
N. Pirilides & Associates LLC has contributed to the Litigation & Dispute Resolution 2021 Chapter for International Comparative Legal Guide (ICLG) available at https://iclg.com/practice-areas/litigation-and-dispute-resolution-laws-and-regulations/cyprus
As it had been anticipated since the referendum result on 23.06.2016, the EU – UK Trade Cooperation Agreement did not include at all any provisions on jurisdiction and enforcement of judgments in civil and commercial cases, and of course, the Brussels Recast Regulation 1215/2012 is no longer applicable for enforcement of judgments within the EU. Consequently, it is really a “no-deal” situation for jurisdiction and enforcement of judgments.
Cyprus is perhaps the only Member State that has in force legislation which provides for the registration of “… judgments obtained in the Courts of the UK…”.
An institution which is entitled under the laws of another country to carry on business which substantially corresponds to banking business, may establish a Representative Office in the Republic, only with the prior approval of the Central Bank of Cyprus.
Our Litigation & Dispute Resolution team has dedicated expertise in fraud litigation in Cyprus and has the crucial experience of obtaining freezing injunctive relief and other pre-emptive remedies before assets are dissipated further.
The Law provides that the license in question is granted, inter alia, to residents natural or legal persons or citizens of another member state provided that they meet the requirements prescribed under the Law and the Regulations and upon payment of the prescribed fee and may include such terms which in the opinion of the Deputy Ministry of Tourism are deemed necessary.
The applicable merger control rules in Cyprus are set out in the Control of Concentrations between Undertakings Law No. 83 (I) of 2014 (the “Law”), whilst the enforcement of the said law is entrusted to the Commission of the Protection of Competition (“CPC”), which is vested with wide powers to coordinate and effect the smooth regulation of mergers and acquisitions in Cyprus.
A recent ruling of a Paris Court ordering an insurance company, AXA SA, to pay a restaurant owner two months' worth of coronavirus-related revenue losses will undoubtedly open the floodgates of insurance litigation, at a global level.
Our Firm has recently been successful in applying for the removal of an arbitrator who was appointed by the Applicants in the context of pending arbitration proceedings regarding a large infrastructure project.
The video conferencing industry has gained during the Covid-19 outbreak, with many companies as well as government organisations considering video conferencing an ultimate solution to connect with remote workers/clients/employees, preventing direct contact with people whilst effectively maintaining human contact and networking.
Insurance companies must create their own GDPR implementation process, which allows them to protect their customers' personal data as much as possible and process it in accordance with the guidelines of the regulation. However, GDPR at insurance companies often requires even more decisive steps to be taken.