Plenum to vote on creation of National Sanctions Implementation Unit

The bill for the creation of the National Sanctions Implementation Unit (NSIU) is due to be voted on, following the completion of the article-by-article debate on the issue in the House Finance Committee.

A consultation with the bodies involved was conducted during the 2 June Committee meeting, while objections and concerns expressed by, among others, the Cyprus Bar Association, the Cyprus Securities and Exchange Commission (CySEC) and the Institute of Certified Public Accountant of Cyprus (ICPAC) were responded to, while their comments were incorporated into the texts of the bill.

The creation of the NSIU is part of three harmonisation bills, regarding an EU directive with which the Republic of Cyprus was required to comply by 20 May, 2025.

The new law that is being forwarded for approval to the Plenary establishes the NSIU within the Ministry of Finance, which is designated as the competent authority for the implementation of the restrictive measures of the European Union and the sanctions imposed by the United Nations Security Council, as well as the national sanctions imposed by the Republic of Cyprus.

Among its responsibilities will be the collection of information, cooperation with other state authorities and bodies in the Republic, with competent authorities abroad and with other organisations on the issue of sanctions, the exchange of data and information with them, and the imposition of administrative fines.

Erotokritou: Important step for transparency and international credibility of Cyprus

In her statement after the Finance Committee meeting, its Chair, DIKO MP Christiana Erotokritou, said that "today Cyprus is taking an important step forward," referring to the completion of the debate on the bill and its promotion for passage.

She added that this is a new modern service within the Ministry of Finance that will be the guardian of Cyprus' credibility against international sanctions decided on either by the United Nations or the European Union.

This Unit, she added, will be responsible for supervising, coordinating, investigating and, if decided on and required, imposing financial fines.

"This is not a technocratic measure, but a substantive political choice. We are sending a resounding message that the rule of law applies in Cyprus, there is consistency and there is accountability," the Chair of the Committee said.

At the same time, she said that transparency is being enhanced through the creation of the Unit, and the country's international image is being strengthened, proving that the rules apply to everyone.

"The stronger our institutional framework, the more attractive Cyprus becomes for serious investors. This means more and better jobs, especially for the younger generation," she stressed.

Erotokritou also spoke of a clear effort to strengthen the country's reputation and build a better economic and political environment.

(Source: InBusinessNews)