Cyprus Mail
Cyprus

Unit will ensure enforcement of sanctions

editorial finance constantinos petrides informed his colleagues that the public sector wage bill will rise by 3.2 per cent
Finance Minister Constantinos Petrides

The council of ministers has given the green light for the creation of a national unit for the enforcement of sanctions.

The unit’s overarching aim is to ensure that those in Cyprus comply with the EU and UN sanctions on countries and persons.

A decision on Tuesday paved the way for the operation of the unit, with details on Wednesday stating that the body will have the authority to request and collect data to ensure compliance with the sanctions.

Details of the assets owned within the Republic can then be forwarded to the attorney general (AG) informing the office of possible infringements and violations of the sanctions code. The AG’s office will then be able to investigate potential criminal offenses.

It was reported that the creation of such a unit was deemed urgent as Cyprus seeks to ensure that sanctions on Russia, as well as companies and persons linked to Moscow, are correctly handled. This was an imperative given that there were sanctioned individuals who have Cyprus citizenship.

Daily Politis reported that the proposal to create the national sanctions enforcement unit was put forward by the finance and foreign ministries, the legal services, and the central bank.

They believed that the creation of a separate and independent unit would be the most effective way of overseeing and ensuring compliance with the sanctions.

Finance Minister Constantinos Petrides was given the go ahead to proceed with setting up a coordinating committee to oversee the creation of the sanctions unit.

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