Cyprus law permits citizens to report frauds against the U.S. Government under the False Claims Act, or violations of the provisions of the Securities & Exchange Act, Foreign Corrupt Practice Act, or Commodities Exchange Act.
What disclosures are currently protected?
Cyprus does not have a national whistleblower law. However, its labor laws and laws against corruption do provide some protection against retaliation for whistleblowers, although such protections are not uniform nor comprehensive, with stronger protections for public employees (who are indeed required to report certain illegal activities). Importantly, none of the laws in Cyprus protection whistleblowers guarantee confidentiality or anonymity. Additionally, there are no reward provisions for successful whistleblowers in Cyprus and law enforcement and government agencies lack any sort of comprehensive whistleblower program.
Therefore, whistleblowers in Cyprus are likely better off reporting to U.S. regulators, at least until the transposition of the Whistleblower Directive is complete.
Can Cyprus whistleblowers receive rewards?
There is no law in Cyprus providing whistleblowers rewards, however, they may receive rewards through U.S. laws.
Recent updates and future legislative developments
Cyprus is required to implement the requirements of the EU Directive on Whistleblowing into its national law. However, it has not yet announced that it has begun this process.
Can/should Cyprus whistleblowers report to U.S. officials?
No law in Cyprus currently prohibits Cypriot citizens from reporting frauds against the U.S. government under the False Claims Act, or violations of provisions of other statutes including the Securities & Exchange Act, Foreign Corrupt Practice Act, or Commodities Exchange Act. Therefore, Cypriot whistleblowers can and should report relevant violations to U.S. officials under these laws.