Makis Kervanos: Sanctions Unit will strengthen financial system protection

The establishment of the National Sanctions Implementation Unit Law (NSIU) "confirms Cyprus' commitment to uphold the highest international and European standards in the implementation of sanctions," Finance Minister Makis Keravnos said referring to the relevant bill being voted in by the House of Representatives plenary.

"With the new Unit, we strengthen our ability to prevent illegal practices and protect our financial system", he noted.

In a press release, the Ministry of Finance said that "the successful completion of this important legislative initiative is evidence of effective cooperation among all involved parties and reinforces the institutional framework of the Republic of Cyprus."

It added that the establishment of the National Sanctions Implementation Unit Law (NSIU) "will have enhanced powers to assess cases in order to assist enforcement authorities and prevent sanctions evasion. It will also increase awareness and guide financial entities in this area".

Furthermore, the Ministry of Finance added that the NSIU "represents a pivotal step towards strengthening compliance and preventing the violation of sanctions, while simultaneously safeguarding the country's reputation and credibility on the international stage."

The NSIU will have expanded responsibilities, such as case assessment and the enforcement of measures: investigating possible breaches of sanctions and imposing administrative fines for non-compliance with information provision, licensing, and guidance: approving licensing applications and providing guidance to economic entities for the correct interpretation and application of European regulations; and collaborating with national and European authorities to enhance monitoring and cross-border data exchange.

“The approval of the package of laws by the plenary of the House of Representatives is part of broader reforms aimed at increasing transparency and strengthening mechanisms for the prevention of financial crimes",  it added.