Embezzlement Lawyers in Cyprus

Embezzlement Lawyers in Cyprus

Updated on Tuesday 22nd September 2015

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Embezzlement-Lawyers-in-CyprusCriminal liability of companies in Cyprus

According to the Criminal Law, Cypriot companies can be tried the same ways as individuals when it comes to criminal offences. The Cypriot Criminal Law is mainly based on the English Common Law. The Cypriot Criminal Code contains all offences and crimes a company or an individual may be prosecuted for in the country. The procedures applied when prosecuting criminal offences are comprised by the Criminal Procedure Law in Cyprus.

According to the Criminal Code, the only distinction between the sanctions applied to companies and individuals refers to the directors of Cypriot companies. Directors may be applied different sanctions in case of stealing a company’s properties or falsifying accounting books.

Embezzlement in Cyprus

The following offences are considered embezzlement offences in Cyprus:

  • - failing to pay taxes,
  • - money laundering,
  • - capital investment fraud.

According to the Cypriot Assessment and Collection of Taxes Law, a company failing to pay the required taxes on grounds such as refusal or delay is subject to the pecuniary penalties or imprisonment depending on the amount to be paid. Also, according to the Cypriot Securities and Stock Exchange Law, the board of directors, the secretary and auditors of a company may be prosecuted for providing erroneous information.

Cyprus has also adopted the Anti-Money Laundering Regulations which have been harmonized with the relevant EU Directives.

What are the sanctions to be imposed to Cypriot companies in cases of embezzlement?

The Criminal Code contains all the provisions regarding the type and the maximum penalty to be imposed to a Cypriot company for embezzlement. Embezzlement cases are usually prosecuted in Cypriot courts and may consist of paying a fine or compensation for damage or imprisonment in for individuals, including company directors.

The Cypriot courts will usually rule for a fine in case of companies, where imprisonment cannot be enforced as a sanction. The fine to be imposed is usually mentioned in the Criminal Code, or if it is not mentioned, the court will decide the amount. Payment of compensation is one of the most employed types of sanctions because it shortens lengthy proceedings in cases of money recovery or damages.

For legal assistance in embezzlement offences you may contact our attorneys in Cyprus.