On April 27-28, 2026 representatives of Directorate of Insolvency (DoI) under Ministry of Energy, Commerce and Industry in Cyprus and Financial Intelligence Unit MOKAS of Cyprus, have participated in a workshop aimed at establishing sublegal regulatory framework for management of seized and confiscated assets in Cyprus.
During the two days of the workshop, representatives of the Department for Insolvency and MOKAS discussed a comprehensive set of internal procedures covering key AMO processes, including: interlocutory sales, public-private partnerships, and intermediate use, as well as the management of different asset types such as: real estate, cash and accounts, companies, financial instruments, and virtual assets.
As amendments to the national Anti-Money Laundering (AML) Law—introducing a new framework for the recovery and management of criminal proceeds—are still pending adoption, the procedures discussed were developed based on the existing draft legislation. These procedures are intended to serve as a foundation for the future sub-legal framework, enabling the AMO to become operational immediately upon the law’s adoption and ensuring the effective management of seized and confiscated assets.
The workshop enabled participants to gain insight into different management options and to make informed decisions on key procedural elements related to asset handling. It also provided an opportunity to assess the practical implications of these procedures, including institutional capacities and operational requirements, and to identify the human and technical resources needed to support their implementation. In this context, participants reflected on the establishment of an appropriate staffing framework, including the profiles, expertise, and organisational structures required for the effective functioning of the future AMO, as well as identified an extensive list of public bodies expected to closely cooperate with it.
This activity has paved the way for the next phase of work, focusing on the development of interagency procedures to support effective coordination among all relevant stakeholders.
