Filenews 3 June 2025
The bill for the creation of the National Sanctions Enforcement Unit (ELEK) is headed for a vote, following the conclusion on Monday of the article debate on the issue in the Parliamentary Committee on Finance.
A consultation with the stakeholders was preceded, while objections and concerns expressed by the Cyprus Bar Association, the Hellenic Capital Market Commission and the Association of Certified Public Accountants of Cyprus were answered, while their observations were incorporated into the texts of the bills.
The creation of the ELTIF is part of three harmonization bills, regarding an EU directive with which the Republic of Cyprus had to comply by 20 May 2025.
With the new law that is being put forward for a vote in the Plenary, the ELTIF is established at the Ministry of Finance, which is designated as the competent authority for the implementation of the restrictive measures of the European Union and the sanctions imposed by the United Nations Security Council as well as the national sanctions imposed by the Republic of Cyprus. Among its responsibilities are the collection of information, cooperation with other state authorities and bodies in the Republic, with competent authorities abroad and with other organizations on the issue of sanctions, the exchange of data and information with them and the imposition of administrative fines.
Erotokritou: An important step for transparency and international credibility of Cyprus
In her statement after the session of the Finance Committee, its Chairman, DIKO MP Christiana Erotokritou said that "today Cyprus is taking an important step forward", referring to the completion of the debate on the bill and its forwarding for a vote.
He added that this is a new modern service in the Ministry of Finance that will be the guardian of Cyprus' credibility in the face of international sanctions decided either by the United Nations or by the European Union.
This Unit, he added, will be competent to supervise, coordinate, investigate and, if it is decided and if required, to impose financial fines.
«This is not a technocratic measure, but an essential political choice. We are sending a strong message that the rule of law applies in Cyprus, there is consistency and there is accountability", said the President of the Commission.
At the same time, he said that transparency is enhanced and the country's international image is strengthened, proving that the rules apply to everyone.
"The stronger our institutional framework, the more attractive Cyprus becomes for serious investors. This means more and better jobs, especially for the younger generation," he stressed.
Finally, he spoke of a clear effort to strengthen the country's reputation and build a better economic and political environment.
CNA
