11th Apr 2016
In line with the “EU Directive 2014/62 on the protection of the euro and other currencies against counterfeiting by criminal law”, the Cyprus Parliament approved an amendment to the Currency (Counterfeiting and Other Related Matters) Law.
The amending legislation establishes rules concerning the definition of criminal offences and sanctions in the area of counterfeiting. It particularly establishes jurisdiction over offences related to the euro, committed outside the territory of the Republic of Cyprus, if counterfeit euro notes or coins related to an offence are detected in Cyprus. It is also noted that, in addition to the existing provisions, the sanctions may also include the temporary or permanent closure of establishments which have been used for committing such an offence.
The new provisions also aim to improve investigation of counterfeiting offences and ensure better cooperation between the competent authorities.