On 28 November 2024, an online kick-off meeting has marked the launching of the project “Establishment of an Asset Management Office in Cyprus”, implemented by Council of Europe and supported by the European Commission, under the European Union’s Technical Support Instrument. The 24-month initiative aims to support the Cypriot authorities in strengthening the legislative, institutional and operational framework for the management of seized and confiscated assets through the establishment of a dedicated national Asset Management Office.

The meeting brought together representatives of the Cyprus Financial Intelligence Unit, the Department of Insolvency under the Ministry of Energy, Commerce and Industry, the European Commission’s Directorate-General for Structural Reform Support, and the Council of Europe’s Economic Crime and Cooperation Division. Discussions focused on the project’s objectives, structure and timeline, including the forthcoming mapping of the existing institutional and regulatory framework, the preparation of an action plan for the establishment of the Asset Management Office, legal and technical review of draft legislation, and tailored capacity-building activities. The implementation approach and coordination mechanisms were also discussed, and a Project Advisory Group was established to ensure effective implementation and appropriate oversight.

Participants reaffirmed their commitment to close cooperation and national ownership throughout the implementation process. The project will combine legislative support, technical expertise and practical guidance to assist Cyprus in establishing a sustainable and effective asset management framework in line with relevant European standards.