Cabinet approves the establishment of a sanctions implementation unit

The Cabinet has decided on the establishment of a single supervisory authority for companies providing administrative services to deal decisively with the issue of sanctions implementation.

Minister of Finance Makis Keravnos told the press after the Council of Ministers meeting on 27 February that, through the decision, the supervision of administrative service providers is being strengthened and upgraded by assigning responsibility to the Cyprus Securities and Exchange Commission (CySEC), in collaboration with the relevant supervisory bodies, namely the Cyprus Bar Association (CBA) and the Institute of Certified Public Accountants of Cyprus (ICPAC).

He also stated that the supervision of all companies involved in the sector has been assigned by the supervisory authority, and that extraordinary checks will be carried out together with the two relevant supervisors, in case there is information or indications that have an impact on the reputation of the Republic of Cyprus.

According to the Minister, within the framework of this supervisory authority and with the decision of the Cabinet of Ministers, the governance of companies providing administrative services is strengthened through the regulation of the qualifications of the people who will provide these services as well as the maximum number of companies they will serve, as is the case in other EU countries.

Keravnos spoke of a decision that shapes a single and preventive mechanism in cases where there is negative information or developments that threaten the reputation of Cyprus.

He also described the decision as a keystone that will protect the name of the island and will upgrade the services that will be provided under a single, strict supervisory control.

In response to a question, the Minister said that if, for example, there are announcements of violation of sanctions, the mechanism will be able to check them while preventive checks will also be carried out to act proactively.

He explained that after the approval, consultation with the competent agencies will begin on specific mechanisms and criteria for supervision.

Keravnos said that if a violation of a sanction is established, there would be fines, reprimands and other measures that will be determined by the bodies that will carry out the checks. There will be legislative regulation on the matter, he also said.

The Minister of Finance also said that the bill for the one-month extension of the fuel subsidy and the bill for abolishing the 350 euro fee for businesses will be submitted to the House Plenary in the coming days.

(Source: CNA)