The Ministry of Finance is investigating several cases concerning suspected violations of European sanctions, but these investigations are not related to the audit firm PwC, the Director General of the Ministry, Giorgos Pantelis, told KYPE.
Regarding the reports regarding the leak of millions of documents under the title "Cyprus Confidential", Mr. Pantelis said that the Ministry takes into account the work of investigative journalists in particular, adding however that "there is nothing tangible that demonstrates a violation of touch sanctions at the moment there were no sanctions issued by the European Union in this particular period".
"We expected to see something more resonant, but it is a re-publication of various facts that journalists are trying to connect," said the Director General of the Ministry of Finance.
He noted that the reports refer to the period 2014 to 2022, a period in which there were no sanctions at the European level, noting that sanctions began to be imposed from the end of February 2022 onwards.
The Mordashov case
Reports from both the Consortium of Investigative Journalists (ICIJ), the Guardian and OCCRP refer to the case of Russian oligarch Alexei Mordasov, who by including his name on EU sanctions, on February 28, transferred a stake he owned in Germany's TUI worth $1,4 billion in a company to his partner Maria Mordasova. A spokesman for the Ministry of Finance was reported as saying that the Ministry is investigating the transaction allegedly handled by PwC Cyprus.
"Because there are suspicions that the investigation in question concerns PwC Cyprus, I would like to state that any investigation being conducted or conducted has no relation to the company in question," said Mr. Pantelis.
Mr. Pantelis said that investigations are underway into possible violations of European sanctions, but did not want to expand further, "because it is not right or necessary for us to comment on any ongoing investigations."
"Just because there was this suspicion and shadow I would like to clarify that this investigation has nothing to do with the PwC (Cyprus) company."
The implementation of sanctions is monitored
Besides, Mr. Pantelis said that the Ministry of Finance is closely monitoring "any publications or any information that comes to our attention, so that we can apply the law and the sanctions framework as effectively as possible".
"Here at the Ministry we have set up committees responsible for the issue which we have staffed appropriately so that they can carry out their work", he added.
He also reminded that from the middle of 2023 the Ministry has proceeded in cooperation with the United Kingdom to provide technical assistance and support for the establishment of these groups as efficiently as possible, relying on the good practices applied by the corresponding unit in the UK, the well-known Office Implementation of Financial Sanctions (OFCI), "to have all the tools at our disposal, legal and technical, to have an effective implementation of the sanctions".
"As the Ministry of Finance we closely monitor any reports or any information that comes to our attention, so that we can apply the law and the sanctions framework as effectively as possible," concluded Mr. Pantelis.
Source: KYPE