Within the framework of the 2024 Council of Europe/European Union Technical Support Instrument envelope, the Economic Crime and Cooperation Division is supporting 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. Through tailored activities, the project’s contributions will aim 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. National and international cooperation as well as peer-to-peer learning for the purposes of effective asset management will also be promoted through the project.  

The project budget is 459 770 Euros. The project is co-funded by the European Union via the Technical Support Instrument and the Council of Europe, and implemented by the Economic Crime and Cooperation Division in cooperation with the European Commission.

 More information on the cooperation between the EC DG REFORM and the Council of Europe can be found here.