The international conference “Regulating the Management of Seized and Confiscated Assets: Best Practices, Challenges, and Lessons Learned” took place on 22–23 January 2026 at Hotel Cleopatra, Nicosia, bringing together European and international experts to discuss effective regulatory frameworks for asset management systems in line with new requirements set forth by the EU Directive 2024/1260 and good practices.

The event came at a key moment for Cyprus, which over the past year has made significant progress toward establishing an Asset Management Office (AMO), including the preparation of strategic documents and draft legislation aligned with EU requirements and Financial Action Task Force (FATF) Recommendations. The conference offered an opportunity to draw on international experience to ensure that the future legal framework is both operational and effective. Even though legal changes are driven by the EU’s regulatory demands, the management of seized and confiscated assets is not only a technical benchmark to be reached, but a core component of an effective asset recovery system, directly impacting the value preserved for society and the credibility of criminal justice responses to economic crime.

These were the key conclusions at the opening of the Conference in Nicosia organised within the Project on the “Establishment of an Asset Management Office in Cyprus”, implemented under the Technical Support Instrument of the European Union and the Council of Europe.

Kyriakos Iordanou, Permanent Secretary of Ministry of Energy, Industry and Commerce has welcomed participants and stated that “the Ministry fully supports this initiative and is actively working through the Department of Insolvency on the introduction of new legislation to transpose the European Union Directive 1260/2024”.

Celia Heraclidou, Head of Department of Insolvency in Ministry of Energy Commerce and Industry of the Republic of Cyprus, confirmed that “The establishment of an Asset Management office represents a major advancement in Cyprus’s efforts to combat organized crime. The AMO’s mandate goes beyond the management of seized and confiscated assets: it ensures the preservation of asset value, facilitates their efficient liquidation, and maximizes the use of judicial procedures to confiscate illicit proceeds”.

She added that “the AMO will enhance cross-border cooperation, positioning Cyprus among the countries with specialized asset management offices and reinforcing the nation’s credibility and effectiveness on both national and international levels. This initiative significantly contributes to safeguarding public interest and strengthening citizens’ trust in the justice system.”

Maria Kyrmizi, the Head of Financial Intelligence Unit in Cyprus, reminded that the ….”Definitely, effective management of assets and successful execution of confiscation orders are an essential part of the whole Asset recovery Regime, which aims to: deprive criminals from the assets they have illegally obtained, prevent the fueling of further criminality and protect the financial system from penetration of illegal assets, contributing to financial stability”.

Livia Stoica, Head of the Economic Crime and Corruption Department of the Council of Europe in her opening remarks reminded of recent changes to the international standards of FATF, and upcoming additional protocol to the Council of Europe Convention on laundering, search, seizure and confiscation of the proceeds from crime and on the financing of terrorism (CETS 198), which provides overarching principles of management of assets and sets detailed requirements for the asset management institutional framework.

“Cyprus has seen the increase in seizures of trading accounts and complex assets which require dedicated specialised structures to ensure their proper management, preservation of value, and effective execution of confiscation orders. Therefore, Council of Europe welcomes the decision of Cypriot authorities to establish a fully fledged asset management office, in line with the recommendations from the Moneyval recommendations and EU expectations” stressed Stoica.

Heinrich Wollny, Head of “Access to Finance and European Semester” at the European Commission’s Reform and Investment Task Force (SG REFORM) pointed out that the European Commission through its Technical Support Instrument supports Cyprus in developing an effective asset management system.

“The European Commission’s priority in the context of the asset recovery is to enhance the effectiveness of the EU’s asset recovery and management systems. Countries that invest in robust asset management frameworks increase their chances to fight crime more effectively and sustainably, while also upholding the integrity of their legal systems and strengthening transparency and public trust”.