Cyprus to Establish Sanctions Enforcement Unit
Cyprus is working to establish a "National Sanctions Implementation Unit" by the end of 2024 after a project manager and a group of experts were appointed to help set up the agency, the Ministry of Finance announced Feb. 5, according to an unofficial translation. The new enforcement body will seek to enforce sanctions laws and boost the existing legislative framework.
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The move follows Cyprus acceptance in May of a U.K. proposal for cooperation on combating illicit finance.
Cyprus said the project manager and his team in August began meeting with the Ministry of Finance, the Cyprus Central Bank, the Cyprus Capital Market Commission, the local police and various other agencies to document the "ecosystem of sanctions and how they are applied today." The new sanctions unit is expected to be functional by the end of the year if the bill for its establishment is passed.