Keravnos’ message to lawyers and accountants: “We should all be pushing to establish the supervisory authority”

15:06 - 28 February 2024

Economy

Everyone should be pushing to establish a supervisory authority “as it is the only way for us to clear our country’s reputation”, said Finance Minister Makis Keravnos responding to criticism by professional service reps over Cabinet’s decision to green-light the establishment of an authority tasked with monitoring service-sector companies.

“When we talk about controls and there are such strong reactions, in my opinion, it leaves a bad aftertaste,” said Keravnos, responding to journalists after he met with the Deputy Minister of Research, Innovation and Digital Policy, Nicodemos Damianou.

“We should all be pushing to establish the supervisory authority as it is the only way for us to clear our country’s reputation from certain whispers that still persist to this day and from certain events, which could be avoided,” said Keravnos. He added that consultations will follow with all stakeholders involved – especially the most vocal in their opposition, the Cyprus Bar Association and accountants’ association ICPAC.

“Nobody wants to intervene, neither in anyone’s personal data nor in business confidentiality,” he said, adding that the supervisory oversight and controls will be implemented jointly by all the stakeholders.

The minister concluded, “I am convinced that through a calm and collected dialogue we can get to where we need to get and it will be in the best interests of the professionals in question but also the best interests of the Republic of Cyprus”.

Keravnos’ message to lawyers and accountants: “We should all be pushing to establish the supervisory authority”

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