Cyprus President Nikos Christodoulides, speaking at the inauguration of the new Olympion School facilities in Paliometocho, asserted the government's unwavering commitment to integrity. This statement came in response to the recent findings from the International Consortium of Investigative Journalists (ICIJ). President Christodoulides emphasized, "No one is above the reputation of our country," assuring that all revelations from the ICIJ investigation will be thoroughly examined within a set timeline.

Addressing the media, the President underscored the importance of maintaining the nation's reputation. He recalled the government's proactive steps in fortifying the institutional framework, especially following sanctions from the British and Americans. "No one, absolutely no one, is above the reputation of Cyprus," he reiterated, highlighting the government's dedication to transparency.

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Responding to inquiries about the investigation's timeline, President Christodoulides stressed the urgency of resolving these matters. He pointed out the significance of Cyprus' reputation and credibility in building a resilient economy. This, he noted, is essential for implementing targeted social policies and investing in key sectors like health and education.

The President firmly restated his position, declaring for the umpteenth time that no individual is above the nation's reputation and assured that all matters brought to light will be subject to thorough investigation.

Earlier, Government Spokesperson Konstantinos Letympiotis declared that the Republic of Cyprus is a trustworthy country with a reliable financial system. He emphasized the government's ongoing commitment to maintaining this credibility.

During a briefing at the Presidential Palace, when asked about the investigation, the Spokesperson remarked, "We have seen the reports. Our country has been fortified over the last few years. We say this with certainty, confidence, and assurance, because we are aware of the framework our country now operates within and implements."

He noted that a meeting was held last week under President Christodoulides to monitor the implementation of recent measures taken by his administration. "We will continue to further fortify both our financial system and our country's credibility, as evidenced by Moneyval reports and assessments of our economy," he added.

"We will examine the details presented this afternoon, and the Government will promptly respond and investigate as necessary," he further stated.

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Responding to another question, Letympiotis clarified that measures taken in the last year, as well as in previous years, are clear. He mentioned the positions of the U.S. and U.K. governments regarding Cyprus's credibility and immediate response to sanctions.

"We are confident that today, the Republic of Cyprus is a trustworthy country with a reliable financial system, possibly one of the most strictly regulated, and we will continue to maintain this credibility. Our tolerance for money laundering and sanction evasion is zero, and it will remain so," Letympiotis asserted.

In response to a question about whether last week's meeting was to preempt a publication, Letympiotis negatively replied, noting that the meeting followed decisions made by the Council of Ministers in June 2023, aiming for stronger and more effective enforcement of sanctions. "It was a predetermined meeting and the second one following that Council of Ministers, to closely monitor the timelines and ensure that the decisions made are implemented as soon as possible," he concluded.

Meanwhile, as announced by the Spokesperson, the Republic of Cyprus is set to implement the final solution of the electronic system for the Register of Ultimate Beneficial Owners (UBO). This move aims to prevent and combat the legalization of proceeds from illegal activities and the financing of terrorism through enhanced transparency of information.

The establishment of the Register of Ultimate Beneficial Owners, which is a requirement of the 4th and 5th Anti-Money Laundering Directives of the European Council, aims to prevent and combat the legalization of proceeds from illegal activities and terrorism financing through enhanced information transparency.

Mr. Letympiotis highlighted that the increased transparency achieved by this tool would provide competent and supervisory authorities, such as the Unit for Combating Money Laundering Offences (MOKAS), the Customs Department, the Tax Department, the Police, the European Commission, the European Anti-Fraud Office (OLAF), the European Public Prosecutor's Office, and others, with immediate access to accurate and up-to-date information. This facilitates and strengthens their efforts and actions in examining complex corporate structures, with the aim of identifying potential illegal activities.

The implementation of this function has been made possible through the collaboration of the Registrar of Companies office, the Ministry of Energy, Commerce, and Industry, and the Deputy Ministry of Research, Innovation, and Digital Policy, through the Department of Information Services as the project manager.

Mr. Letympiotis noted that the project would be completed in three stages, with the first period beginning on November 14, 2023, and ending on December 31, 2023, while the project is expected to be completed by March 2024.

He mentioned that the Service and the process of registering the ultimate beneficial owners can now be done electronically through the government portal Cylogin, which is available on the state website Gov.cy.

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