The government is to create a national unit for the implementation of financial sanctions, Finance Minister Makis Keravnos said on Wednesday.

Speaking after the day’s cabinet meeting, he said the unit will operate under the finance ministry’s auspices and will be tasked with “guiding and coordinating the implementation of financial sanctions with the competent supervisory authorities”.

In addition, he said, it will also “receive information and complaints about possible violations of sanctions”.

He went on to say that the aim of the unit, the creation of which was approved by cabinet on Wednesday, is to strengthen Cyprus’ sanctions framework and its fight against money laundering.

“This government initiative’s main objective is to fully restore the name of Cyprus as a state governed by the rule of law and to strengthen the legislative framework for sanctions and the effective implementation of European Union regulations,” he said.

He added that the planning for the unit’s creation had been “based on a study conducted by experts” and came about “following significant technical and financial assistance from the United Kingdom’s competent services”.

“Another government announcement has been completed and is being implemented,” he said.