House President: Cyprus' reforms to tighten oversight must be highlighted

09:44 - 17 November 2023

People Financial Services

House President Annita Demetriou said Cyprus needs to make a collective and comprehensive effort to reclaim its credibility – and it can start by launching an awareness campaign about all the reforms it has made to tighten its supervisory and regulatory framework.

“Today, more than ever, there is an urgent need to conduct a collective effort, a comprehensive and thorough effort, beyond petty politics, to regain the credibility of our country”, she said.

She said the campaign needs to span Europe-wide and beyond, and highlight all the institutional reforms that have taken place in Cyprus to tighten the framework for the provision of services, as well as fight financial crime and implement sanctions.

This action plan, she added, “must be undertaken by the competent authorities of the state, such as the Ministry of Finance, the Central Bank, and Invest Cyprus”.

At the same time, she added, “we must fully utilise the opportunity provided by parliamentary diplomacy to showcase all legislative and other changes that have occurred in our country in recent years”.

Demetriou said the matter has already been raised in the meeting of leaders and representatives of parliamentary parties “so that together we can contribute in a coordinated manner to this goal”.

Concluding, she underlined that “it is evident, of course, that everything brought to light should be thoroughly investigated, and where criminal liabilities arise, those specific cases should be brought to justice”.

House President: Cyprus' reforms to tighten oversight must be highlighted

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