Presidential Palace: Progress made on sanction coordination measures

A meeting chaired by President Nikos Christodoulides at the Presidential Palace has focused on the implementation of the measures adopted by the Council of Ministers on 28 June for the coordination of actions connected to the sanctions imposed on Cypriot entities.

In a written statement following the 8 November meeting, Government Spokesperson, Konstantinos Letymbiotis says that the meeting was part of the Government's stated will to demonstrate zero tolerance for violations of laws and circumvention of sanctions and, by extension, the preservation of the country's name as a reliable financial center, which is considered of crucial importance.

During the meeting, the defined timetables that have been set and the progress to date in the implementation of measures were discussed.

In particular, Kikis Paphites, an officer of the Ministry of Finance, has been appointed as a point of contact, and will be responsible for receiving all information from Cypriot and foreign Authorities. In addition, he will be responsible for the proper dissemination of all information. All embassies have been informed of Paphites' responsibilities by verbal note after his appointment in July.

The Government Spokesperson adds that by next week, the signing of an agreement with the University of Cyprus, with responsible researcher Dr. Andreas Milidonis, will be completed in order to support the actions for the implementation of sanctions and restrictive measures in the Republic.

The technical assistance from the British Government for the Establishment of a Single Sanctions Implementation Unit is in the final stage and is expected to be submitted within November to the competent Services, adds Letymbiotis. It is noted that the scope of said technical assistance has been expanded to include the establishment of a Single Supervisory Authority.

Furthermore, the evaluation of the way to optimise the investigation and prosecution of economic crime by the Ministry of Justice and Public Order and the Cyprus Police is expected to be completed by the end of November.

Finally, the mandate terms for conducting an information campaign both at home and abroad, to promote Cyprus (branding) have already been prepared and by the end of the year the corresponding procedures are expected to be launched.

The meeting was attended by the Attorney General and Deputy Attorney General of the Republic, Ministers of Foreign Affairs and Finance, Deputy Minister to the President, Government Spokesperson, Director of the Office of the President of the Republic, Secretary of the Council of Ministers and the Permanent Secretary of the Ministry Finance.

(Source: CNA)