Establishment of an asset management office in Cyprus

Context

The European Commission supports the efforts of Cyprus to strengthen their national framework and capacities to step up the fight against economic crime by a more effective management of seized and confiscated assets.

The project started on 4 November 2024 and will last for 24 months.

Support delivered

The project seeks to contribute to:

Enhance the current legislative and regulatory framework to enable more effective management of seized and confiscated assets in Cyprus.
Support the institutional setup of the Cypriot Asset Management Office.
Develop the capacities of the asset management office staff and other relevant authorities to manage seized and confiscated assets more effectively.

Areas of specific focus include a mapping of existing systems and practices of asset management at EU level and beyond, a review of the current framework for the management of seized and confiscated assets in Cyprus, with recommendations for its improvement and for designing an Action Plan to support the setup of the Asset Management Office.

The project will also provide advice on related policy developments and legal reforms in the area of asset management, as well as training and practical guidance for the new Asset Management Office staff and other relevant authorities, including a mapping of IT needs and solutions to facilitate their work.

Finally, the project will promote national and international cooperation as well as peer-to-peer learning for the purposes of effective asset management.

Expected results

It is expected that after implementation of the project the authorities will have:

Enhanced regulatory and institutional framework for the effective management of seized and confiscated assets and support to the setup of an asset management office.
Strengthened capacities of the asset management office staff and other relevant authorities to effectively manage seized and confiscated assets.