Piki pledges "zero tolerance" for practices negatively exposing Cyprus

Deputy Minister to the President of Cyprus, Irene Piki, has noted that the government will demonstrate "zero tolerance" for practices that negatively expose the country abroad. She also pointed out that Cyprus’ competitiveness, reputation and image is a matter of priority for the President of the Republic and the Government, and the political will to demonstrate zero tolerance is a given, adding that no one is above of our country's reputation, which we will protect in every way.

Piki represented President Christodoulides at the Annual General Meeting of Invest Cyprus, in Nicosia on 20 November, and pledged determination on behalf of the government to strengthen the institutional framework related to the supervision of financial and professional services, through the creation of a single supervisory authority, the application of sanctions and, in general, the fight against the legalization of expenses from illegal activities.

She said that the President, reacting immediately to recent press publications by the International Consortium of Investigative Journalists (ICIJ) has already requested the assistance of experts from abroad adding that the team will come to Cyprus to support the authorities in the ongoing inquiries.

Piki also referred to a recent decision by the Cabinet for a comprehensive package of measures that touch on matters of more efficient information management for sanctions issues, strengthening of financial information - financial intelligence, evaluation of the legislative framework and recommendations for its improvement, as well as improvement of Corporate Governance, and assessing the ability of law enforcement to investigate and prosecute financial crimes.

She also said that the government, in collaboration with Invest Cyprus, is working for an integrated "re-branding" of Cyprus and is also decisively working for the implementation of the Strategy for Attracting Investments and Talent in Cyprus, adopted by the previous administration and is a flexible tool that should be modified to reflect real needs of potential and existing investors.

According to Piki, since 2022 when the Strategy was implemented, a significant number of companies have been registered in the Ministry of Commerce’s Registry, with more than one in three of them operating in the IT and communications Sector.

She also referred to legislation passed by the Parliament with the aim of reducing bureaucracy and rapid licensing of mature developments that will contribute positively to the development of the economy, the creation of jobs and the improvement of the quality of life of citizens.

Piki assured that in order to deal with the many challenges, the Government remains committed to maintaining a strong economy and improving the business and investment climate, with the green and digital transition, strengthening access to finance and access to low-cost energy being key priorities.