The European Commission is diligently monitoring the situation in Cyprus following the revelations unearthed by the "Cyprus Confidential" investigation. The Commission, under the guidance of Vice-President for Democracy and Demography Dubravka Suica, is collaborating extensively with Cypriot authorities to enhance the final beneficiary register. This is a strategic move to mitigate risks of sanction circumvention against Russia.

During a debate in the European Parliament's plenary session, the focus was on sealing financial system loopholes exposed by the ICIJ's investigation. Commissioner Suica highlighted that the Cypriot authorities had pledged to rigorously investigate all allegations, an initiative the Commission is keenly observing.

The debate saw active participation from four of the six Cypriot Members of the European Parliament (MEPs). Loucas Fourlas from the EPP group emphasized the need for a thorough investigation into the journalistic findings. He insisted that those found guilty of illegal activities should face imprisonment, irrespective of their rank. However, he pointed out the paradox of Cyprus being criticized for a program it terminated in November 2020, which remains active in other European countries.

Fourlas also revisited the 2013 financial crisis, recalling how Cyprus was treated as a test case with the controversial 'haircut' of deposits. He asserted Cyprus's consistent support for EU decisions, despite the significant economic and political costs borne by the country. His stance was clear: he stood for his people and nation, not for the wrongdoers exploiting program loopholes.

MEP Giorgos Georgiou, representing the Left group, commended journalists for uncovering a deep-rooted system of corruption and intrigue. He criticized the EU institutions for their perceived inaction and lack of transparency. Georgiou lamented that high-ranking officials, including former presidents like Cyprus's, have been implicated in such scandals. Yet, he was quick to defend the Cypriot populace, characterizing them as honest individuals striving for survival, frustrated by the apparent lack of consequential actions.

MEP Eleni Stavrou, also from the EPP group, stressed the importance of thorough investigations by both national and European authorities. She highlighted Cyprus's progress over the past 30 years in enhancing transparency, oversight, and anti-laundering measures, as acknowledged by American and European officials. Stavrou proudly noted Cyprus's immediate alignment with EU sanctions against Russia, despite its traditional ties and the reluctance of other more influential member states.

MEP Dimitris Papadakis of the Socialists and Democrats group pointed out the unfortunate exploitation of sanction loopholes by a few for personal gain, disregarding the reputational damage to Cyprus. He referenced the country's tainted image following incidents like the Panama Papers, the golden passport scheme, and the Pegasus revelations. Papadakis concluded by highlighting the recent launch of the electronic system for the final beneficiary register in Cyprus, underscoring the ongoing collaboration with the European Commission to prevent sanction circumvention.

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