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- Ελληνικά
The Council of Ministers at its meeting today (29/5/2024), following a proposal by the Minister of Energy, Trade and Industry, Mr George Papanastasiou, appointed the Insolvency Department as the competent Authority, which will assume the duties and responsibilities of the Asset Management Service.
The purpose of this development is to combat organised crime and eliminate the proceeds of criminal activities through the effective management of assets seized in the context of criminal cases, with the Insolvency Department having been designated following an initiative of the Legal Service in coordination with the Financial Information Unit (FICU), due to its accumulated and specialised knowledge. The ultimate objective is to preserve the value of the frozen assets in view of the possible subsequent issuance of court confiscation orders, as well as their effective liquidation/sale for the execution of Court Orders for the confiscation of proceeds from the commission of criminal offences.
The Insolvency Department, in order to fully respond to its new role, has secured technical assistance through the European TSI 2024 programme for the project "Establishment of Asset Management Office".
The Insolvency Department, in order to fully respond to its new role, has secured technical assistance through the European TSI 2024 programme for the project "Establishment of Asset Management Office". This project has been awarded to the Council of Europe to provide the appropriate guidance and support, so that both the Department and the Republic of Cyprus can put in place the appropriate mechanisms for the effective management of assets derived from criminal activities.
The assumption of the tasks of the Asset Management Office by the Insolvency Department is a very positive development in the whole system of implementing measures to combat crime, promoting, among other things
