On 21–22 May, representatives of the Directorate of Insolvency (DoI) and the Financial Intelligence Unit MOKAS of Cyprus took part in a peer-to-peer visit to French institutions working in the field of asset recovery and management. The visit provided Cypriot authorities with practical insight into the French asset management system and supported the ongoing establishment of the future Asset Management Office (AMO) in Cyprus.

During the first day, participants visited the Service des Domaines, where they learned about procedures for the valuation and sale of seized assets. Particular attention was given to cost-efficient approaches to asset management, including methods for reducing storage and transportation costs.

The delegation also met with CDC, which manages seized accounts and cash on behalf of AGRASC. Discussions focused on the practical organisation of cooperation between asset management authorities and public financial institutions, as well as on the safeguarding of virtual currencies and AML/CFT safeguards in financial transactions.

On the second day, participants visited TRACFIN and gained insight into the organisational structure and analytical work of the French Financial Intelligence Unit, including cooperation and dissemination mechanisms.

The visit concluded with meetings at AGRASC, where the Cypriot delegation explored practical approaches to the management and disposal of seized assets, international cooperation and asset restitution. Particular attention was given throughout the visit to the growing challenges related to tracing, safeguarding and managing cryptocurrencies in the asset recovery process.

The examples and practices presented during the visit will contribute to the finalisation of the organisational structure and internal procedures of the future Cypriot AMO.

The workshop was held within the framework of the 2024 Council of Europe/European Union Technical Support Instrument "Establishment of an asset management office in Cyprus".