The Cabinet decided on Tuesday the establishment of a single supervisory authority for companies providing administrative services, in order to deal decisively with the issue of sanctions implementation.

Minister of Finance Makis Keravnos told the press after the Council of the Ministers that with the decision the supervision of administrative service providers is strengthened and upgraded by assigning responsibility to the CySec (Cyprus Securities and Exchange Commission), which in joint audits with the relevant supervisors, namely the Bar Association and the Association of Certified Accountants of Cyprus will supervise these companies.

He also stated that the supervision of all companies involved in the sector has been assigned by the supervisory authority, and extraordinary checks will be carried out together with the two relevant supervisors, in case there is information or indications that have an impact on the image of the Cyprus Republic.

According to the Minister, within the framework of this supervisory authority and with the decision of the Cabinet of Ministers, the governance of companies providing administrative services is strengthened through the regulation of qualifications of the people who will provide these services as well as the maximum number of companies they will serve, as is the case in other EU countries.

Keravnos spoke of a decision that shapes a single and preventive mechanism in cases where there is negative information or developments that threaten the reputation of Cyprus.

H also said that with today's decision a keystone is being decided which will protect the name of the island and will upgrade the services that will be provided under a single, strict supervisory control.

In response to a question, he said that if, for example, there are announcements of violation of sanctions, the mechanism will be able to check them and preventive checks will also be carried out in order to act proactively.

He explained that after the approval, consultation with the competent agencies will begin on specific mechanisms and criteria for supervision.

FinMin said that if a violation of a sanction is established, there will be fines, reprimands and other measures that will be determined by the bodies that will do the checks. There will be a legislative regulation on the matter, he also said.

The Minister of Finance also said that the bill for the one-month extension of the fuel subsidy and the bill for abolishing the 350euro fee for businesses will be submitted in the following days to the House Plenary.