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Cyprus Approves Sanctions Unit to Strengthen Financial Compliance

7/15/2025

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Summary

Story summary

Cyprus' parliament has taken a bold step by approving a sanctions implementation unit aimed at bolstering compliance with EU directives and reforming its financial system. This unit will actively investigate sanctions evasion, provide guidance, and enforce penalties. Finance Minister Makis Keravnos reaffirmed Cyprus' dedication to international standards, with full implementation anticipated by late 2024.

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Story summary

Cyprus' parliament has taken a bold step by approving a sanctions implementation unit aimed at bolstering compliance with EU directives and reforming its financial system. This unit will actively investigate sanctions evasion, provide guidance, and enforce penalties. Finance Minister Makis Keravnos reaffirmed Cyprus' dedication to international standards, with full implementation anticipated by late 2024.