A two-tiered event has taken place in Nicosia, Cyprus on 20-21 October 2025 with an aim to strengthen strategic and regulatory framework for establishment of Asset Management Office (AMO) in Cyprus.

On the first day the event participants have discussed the draft Action Plan for the establishment of AMO. Based on the set of high-level policy objectives that were agreed in September 2025, a set of targeted activities was developed for each objective detailing methods, resources and timeline for establishment of the legal, sublegal and operational framework for functioning of the AMO.

The participants discussed prioritization of objectives and activities, modalities of implementation and agreed on an ambitious implementation plan for the following two years. The activity resulted in a draft document that will be submitted to the Council of Ministers of Cyprus for adoption by the end of November 2025.

Central event on the second day of the event was a round table dedicated to reform of the legal framework regulating management of seized and confiscated assets in Cyprus. It focused on the review of the draft amendments of existing legislation, their compliance with EU Directive 2024/1260 and their potential effects in practice. Key reforms foreseen by the proposed legislation, besides transfer of management authority from Financial Intelligence Unit to Department of Insolvency, include more effective procedure of assets designation, expansion of management options, enhancing of interagency cooperation and increasing transparency and accountability of all phases of the asset management cycle.

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".