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Finance Minister Makis Keravnos on Friday hailed the planned creation of a national sanctions implementation unit, after parliament had given the plans the green light on Thursday night.
“The unit’s creation confirms Cyprus’ commitment to adhering to the highest international and European standards on the implementation of sanctions. With the new unit, we strengthen our ability to prevent illegal practices and protect our financial system,” he said.
As such, he thanked both the European Union and the Council of Europe, as well as the British government and the United Kingdom’s high commissioner in Nicosia Michael Tatham for “their support, through training and technical assistance and education” towards the unit’s creation.
Meanwhile, the finance ministry issued a statement of its own, offering its own thanks to the House finance committee for its “constructive cooperation and its significant contribution to the timely and successful completion of the legislative process”.
It also offered “special thanks” to parliament at large, “for the broad support and passage of the package of bills concerning the effective implementation of sanctions in the Republic of Cyprus”.
“The successful implementation of this important legislative initiative is proof of the effective cooperation between all parties involved, and strengthens the Republic of Cyprus’ constitutional framework,” it said.
Additionally, the ministry said the unit “represents Cyprus’ commitment to strengthening its role in the implementation of international sanctions”, while its
It added that the unit’s creation will “achieve the goal of enhancing the specialisation and uniform implementation of sanctions” in Cyprus.
The new unit, it said, “will have enhanced powers to evaluate cases with the aim of assisting law enforcement authorities and preventing the circumvention of sanctions”, while also “strengthening the awareness and guidance of economic operators in this area”.
It also spoke of “expanded responsibilities” for the unit, including case assessment and the “enforcement of measures”.
The unit will be empowered to investigate potential violations of sanctions and impose fines for non-compliance, while also providing guidelines to “economic operators” for the “correct interpretation of European regulations”.
The ministry said it will also cooperate with other national and European authorities with the aim of “enhancing monitoring and cross-border data exchange”.
The creation of such a unit was a requirement set out by the European Union, with Cyprus having missed the initial deadline for its creation in May. The unit will fall under the finance ministry’s jurisdiction.
On Thursday night, Diko MP Christiana Erotokritou welcomed the new legislation, saying that up until now, Cyprus had been “the weak link” in international sanctions-busting efforts.
Not everyone was convinced, however, with independent MP Costas Efstathiou saying the law provides for no recourse or process for individuals who may be wrongly deemed to have violated sanctions.
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