US Worked With Cypriot Firms to Boost Their Sanctions Compliance, Official Says
State Department officials have spoken with Cyprus industry representatives to train them on sanctions requirements, a State Department spokesperson said Sept 19. “Private sector implementation of sanctions is critical to their success,” the spokesperson said. “The Department of State has engaged Cypriot stakeholders to raise awareness on, promote best-practices in, and help implement relevant sanctions regimes.”
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The agency’s comments came days after Cypriot banking officials said they have made strides in improving their compliance with global sanctions against Russia (see 2409160021). One banking official said the State Department was delivering sanctions training to senior Cypriot finance executives, including banking board directors.