The two-day workshop, held on 22-23 September in Nicosia, Cyprus has gathered representatives of key stakeholders - MOKAS, the Cypriot Financial Intelligence Unit currently responsible for asset seizure and management, and the Department of Insolvency within the Ministry of Energy, Commerce and Industry, which will soon assume this competence - to discuss current framework for management of seized and confiscated assets and available pathways to establish a fully-fledged Asset Management Office (AMO) in Cyprus.
The first day centred on the presentation of a thorough analysis of the current national regulatory and institutional framework governing asset management, as well on the discussion of key issues arising from the transition of competencies between institutions. Participants explored the powers and responsibilities envisioned for the future AMO, various management options, strategic planning prior to asset seizure, and the human and financial resources required. International and interagency cooperation in asset management and disposal was also a key topic. These discussions led to a finalization of the Technical paper “An analysis of the current asset management framework in Cyprus and existing good practices in EU Member States and beyond”, previously developed within the project. This document includes 14 general recommendations, crafted based on comparative models from EU and international agencies, intended to guide the AMO’s policy direction. These recommendations will underpin the upcoming Action Plan for the AMO’s establishment.
On the second day, workshop participants focused on formulating clear objectives and identifying specific activities to achieve the AMO’s goals. The discussions produced a draft document outlining objectives, proposed actions, timelines, responsible bodies, and funding sources. This draft will be circulated for feedback from beneficiaries and further refined ahead of the next workshop scheduled for 20-21 October 2025.
The workshop marks a significant step forward in enhancing the capacity of Cyprus to effectively manage and dispose of seized assets through a dedicated and well-structured institutional framework.
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".