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Cyprus Establishes National sanctions Unit Amidst International Scrutiny
Following revelations from the International Consortium of Investigative Journalists (ICIJ), Cyprus has moved to bolster its sanctions enforcement capabilities with the establishment of a dedicated national sanctions unit. The decision comes after notable pressure from European lawmakers, with one member of the European Parliament characterizing the island nation as a “vulnerable point” within the EU’s financial architecture. Despite initial commitments to reform, the process has encountered notable delays.
The newly enacted legislative framework, comprising three key components, effectively supersedes a 2016 law governing sanctions implementation.This extensive package criminalizes the circumvention of sanctions and empowers the new unit with the authority to levy penalties on entities that fail to comply with information requests.
Makis Keravnos, the Cypriot Minister of Finance, expressed his approval of the parliamentary vote on the legislative package, as reported by the Cyprus Mail. In a post-vote statement, Keravnos extended his gratitude to the european Union, the Council of Europe, the British government, and the UK’s High Commissioner in Cyprus for their instrumental support, which included educational initiatives, technical assistance, and training programs integral to the reform process.The United kingdom initiated its advisory role in the formation of this unit in 2023. Prime Minister keir Starmer afterward highlighted the collaborative effort, stating in a government release that the partnership aimed to “curtail the flow of illicit finance across Europe, thereby hindering Putin’s war efforts and safeguarding global stability.”
During a parliamentary committee session in May, the Cyprus Bar Association voiced reservations regarding the proposed legislation. A primary concern cited was the provision allowing the sanctions unit to conduct its operations in English, a language not officially recognized on the Mediterranean island.In response to an inquiry from the ICIJ, the Bar Association clarified its stance, acknowledging the creation of the sanctions unit as a “crucial and essential advancement” in fortifying sanctions enforcement within Cyprus. The association also indicated that its recommendations had been considered and incorporated into the final legislative text.
The forthcoming unit will serve as the primary regulatory body for the enforcement of EU and UN sanctions. Its responsibilities will encompass issuing directives to Cypriot government bodies, monitoring and freezing assets, and providing protections for whistleblowers, according to the Cyprus Mail. The unit’s implementation was originally anticipated by the close of 2024.
Minister Keravnos emphasized that these reforms underscore “Cyprus’s unwavering dedication to upholding the highest international and European standards in the application of sanctions.”
