Three bills for the establishment of the National Unit for the Implementation of Economic Sanctions were approved by the Council of Ministers on Wednesday, Finance Minister Makis Keravnos announced following the Cabinet meeting.

According to the Finance Minister, the new Unit will operate as a department within the Ministry of Finance. It will be responsible for coordinating and guiding the implementation of economic sanctions in collaboration with the relevant supervisory authorities, and for receiving information and complaints regarding possible sanctions violations.

As Keravnos noted, one of the government’s core policy commitments is to strengthen the sanctions framework and combat money laundering. “The main goal of this government initiative is to fully restore Cyprus’s reputation as a law-abiding state and to enhance both the legislative framework for sanctions and the effective implementation of EU regulations,” he stated.

Keravnos added that the proposal to establish the National Unit for Economic Sanctions Enforcement was based on expert analysis and formulated with significant technical and financial support from the relevant UK authorities.

This proposal includes a package of three bills aimed at reinforcing the legislative framework governing sanctions and ensuring the effective enforcement of EU and European Council regulations and directives, he explained.

“Another of the Government’s pledges has been fulfilled and is now being put into action,” the Finance Minister concluded.