Day: November 25, 2022

Cyprus has made some progress in improving its level of compliance with Financial Action Task Force (FATF) standards on combatting money laundering and the financing of terrorism, but moderate shortcomings remain, Council of Europe’s Committee of Experts on Money Laundering and Terrorist Financing (MONEYVAL) has said.

Moveyval, which issued on Friday its second enhanced follow-up report (FUR), said the Cypriot authorities took further measures aimed at improving the level of compliance with the FATF Recommendations concerning non-profit organisations, virtual asset services providers (VASPs) and powers of investigative and law enforcement authorities, however, moderate shortcomings still remain.

The report said that overall, whilst Cyprus has made some progress in addressing the technical compliance deficiencies identified in its mutual evaluation report (MER) and first enhanced FUR, it has not been re-rated on any of the FATF Recommendations for which it has a partially compliance (PC) rating.

According to the report further steps have been taken to improve compliance with R.8, R.15 and R.31 since adoption of the first enhanced FUR, but some gaps remain.

As a result, Cyprus remains “compliant” with 16 of the 40 FATF Recommendations, “largely compliant” with 20 Recommendations and “partially compliant” with four Recommendations namely non-profit organisations, correspondent banking, new technologies, and powers of law enforcement and investigative authorities.

Cyprus has no “non-compliant” ratings, Moneyval said.

“Cyprus is encouraged to continue its efforts to address the remaining deficiencies,” the report added.

The second follow-up report examined a range of legislative, regulatory and institutional measures taken by the Cypriot authorities concerning risk assessment and monitoring of its non-profit sector, the powers available to investigative authorities to intercept communications and apply controlled delivery techniques to cash and bearer negotiable instruments, as well as virtual assets related services and supervision thereof.

The authorities have taken several measures to assess terrorism financing (TF) risk exposure by the non-profit sector and strengthen its oversight activities, “however, these measures have not yet been fully implemented.”

Moneyval also noted that substantive progress has been made by Cyprus in the implementation of its VASP regime, however, among other things, that there is no national action plan to address risks identified in the VASP sector and some technical deficiencies remain in implementation of preventive measures, including the so called “travel rule.”

In addition, moderate shortcomings remain relating to the absence of powers to intercept the content of communication concerning the investigation of money laundering (ML), TF and some other associated predicate offences.

According to Moneyval, the interception of content of communications covers only some ML predicate offences, namely murder or manslaughter, human trafficking, drug dealing, some corruption offences and offences related to counterfeiting currency.

“Nevertheless, the scope is limited as court orders allowing for the actual interception of the content of communication do not extend to the investigation of ML, TF and other predicate offences not mentioned above, such as, for example, sexual exploitation, including of children, participation in an organised criminal group, fraud, theft, arms trafficking, corruption offences that are punishable for less than five years of imprisonment and tax crimes, among others,” Moneyval added.

In line with MONEYVAL procedures, the follow-up report examines formal changes to Cyprus’ legislative, regulatory and institutional framework but does not assess the degree to which these reforms have been effectively implemented in practice.

Source: Cyprus News Agency

In 2021, the labour market slack, which comprises all people who have an unmet need for employment, amounted to 15.0% of the extended labour force among people aged 15 to 74 years in Cyprus and to 14.0% in the EU according to data released by Eurostat, the statistical service of the European Union.

The labour market slack percentage in Cyprus in 2021 corresponded to 71.9 thousand people. The labour market percentage was 16.6% (74.8 thousand) in 2018, before falling to 13.6% (62.0 thousand) in 2019 and rising to 14.7% (67.7 thousand) in 2020.

Less than half of the labour market slack in the EU (6.7% of the extended labour force in the EU) corresponded to unemployed people, while slightly more than half was composed of underemployed part-time workers (who want to work more), people who are available to work but are not looking for work, and people who are looking for work but are not immediately available to work.

Eurostat did not include percentages for the breakdown of categories of workers included in labour market slack on the national and regional level in its press release.

On a regional level, 132 out of 242 NUTS 2 regions (or 54.5%) reported shares below the EU average, with the remainder (45.5%) recording shares that were equal to or above the EU average.

Unmet demand for employment was a relatively high share of the extended labour force in several of the southern EU Member States, while labour market slack impacted a relatively low share of the extended labour force in most eastern EU Member States.

The highest shares of labour market slack, of at least 24.0% of the extended labour force, were concentrated in just four of the EU Member States: seven regions in each of Spain and Italy, six regions in Greece, as well as the five outermost regions of France.

The lowest levels of labour market slack, less than 5.5% of the extended labour force, were mainly in eastern EU Member States and included the capital regions of Bulgaria, Czechia, Poland, Romania and Slovakia; there were also three regions in southern Germany that had low levels of labour market slack.

In 2021, the share of the extended labour force with unmet demand for employment ranged from 3.1% in Bratislavský kraj (the capital region of Slovakia) to 41.4% in the island region of Sicilia in Italy (excluding older data for Mayotte in France).

In many eastern regions of the EU, it was relatively common to find that unemployment accounted for a high proportion of labour market slack; in other words, there were relatively few people who were underemployed, seeking work but not immediately available, or available to work but not seeking.

This was particularly notable in the Romanian and Slovak capital regions of Bucuresti-Ilfov and Bratislavský kraj, where unemployment made up more than four-fifths of labour market slack.

By contrast, in all of the Netherlands regions there was a high share of labour market slack being accounted for by underemployed part-time workers or those who wish to work additional hours and are available to do so.

Source: Cyprus News Agency

Electricity demand is predicted to grow rapidly as winter is coming soon. Under the rules introduced by Swiss government ordinance, buildings with gas heating systems can only warm rooms up to 19°C. However, it’s not just Switzerland bearing the brunt of the energy crisis. Europe’s largest economy recently announced a winter gas surcharge would come into effect in October. Many countries are gradually taking drastic measures to respond to the surging energy demand.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221124005140/en/

Secure your home with BLUETTI backup power this winter. (Photo: Business Wire)

In this case, why not consider powering via a smarter, greener, and more affordable way? The upcoming launch of BLUETTI EP600 is undeniable a big moment for building a whole-house backup power system. It’s a long-anticipated model to help citizens realize power independence with ease and be well-prepared for the unexpected without any fuss.

EP600 is a modular ESS (Energy Storage System) that provides a one-stop solution for every family to alleviate energy shortages. It is packed with a 6.000VA bi-directional inverter for AC input and output, delivering 230/400V AC power to run almost any household appliance.

B500 expansion battery features 4.960Wh LFP battery cells for a 10 years lifespan. Every EP600 supports up to 16*B500 for a 79,3kWh capacity, sufficient to cover all power needs at home even in the coldest winter!

How to cushion soaring energy bills through EP600 ESS?

At sunrise, EP600 captures and converts the sunlight into ready-to-use solar energy. It’s recommended to use solar and the grid when energy price is low. Meanwhile, the excess can be stored for later use or even sold to power companies to earn commissions. Utility power costs a pretty penny in the afternoon when there’s most sunlight in the daytime. By connecting with solar panels, EP600 accepts up to 6.000W solar input, so fully charging an EP600+2*B500 combo only takes about 2,2 hours!

During peak hours (generally from 4PM to 9PM), EP600 can take the place of the grid and become the only power source of all appliances, making it an effective approach to avoiding higher electricity bills in the long run.

BLUETTI officially released EP600 & B500 on November 10, 4:00 PM (Berlin time) in specific countries, including Germany, Italy, French, Spain, Netherland.

The early bird price of the EP600 & 2*B500 combo is $8.999 till December 31, and It is expected to ship by the end of November after pre-ordering.

Source: Cyprus News Agency

Almost half – 49% – of the members of the Cyprus Nurses and Midwives Association (CyNMA) said they were positive to the possibility of euthanasia for people who are suffering, according to the results of a survey regarding euthanasia, suicide assisted by health professionals and assisted dying.

The survey was carried out by the National Bioethics Committee in cooperation with CyNMA and the University of Nicosia, a UNIC press release said.

According to the results, 49% of the CyNMA members they say “yes” to the possibility of euthanasia for people who are suffering.

Also, 47% of respondents argue that the Association should support all efforts to legislate euthanasia, health professional-assisted suicide and health professional-assisted dying.

A percentage of 49% of the participants agree, or rather agree, with the opinion that the possibility should be given for euthanasia process to people who are suffering. The majority of participants (38%) are in favour of the opinion that CyNMA should support all efforts to change the law to allow doctors to prescribe relevant drugs to eligible patients.

When asked whether they would agree to actively participate in any way in the process if euthanasia were legally allowed in the future, 23% of the participating nurses and midwives answered positively, while 31% said they did not know or did not want to answer.

Regarding the role of nurses in this process, in a future change of legislation, respondents were given the opportunity to select more than one options: 42% support that nurses should be able to provide evidence-based information to patients about the change in legislation, 31% support the view that nurses should be able to confirm and clarify in each case, when their own patients meet the criteria for euthanasia, healthcare professional-assisted suicide or dying, while 36% supported the view that nurses should have no formal role in the process.

If there are proposals to change the legislation in the future to allow doctors to administer drugs with a view to ending patients’ lives, the view that this option should be provided to patients with a physical condition which causes unbearable suffering and the which cannot be alleviated, received the most support (48%) from respondents, followed by terminally ill patients expected to die within 6 months at 31%.

Participants argue that the right to opt for such a procedure should be given to all patients who meet all the relevant conditions (31%) and to patients who meet all the relevant conditions but are physically unable to self-administer such drugs (29% ). At the same time, 61% said that nurses should have the right to choose not to participate in such a process.

Chairman of the Cyprus National Bioethics Committee, Dr. Constantinos Phellas, said that it is necessary to re-examine the way we deal with death in our daily lives. The aim of the research, he said, is to better understand the general picture and the attitudes of the community of nurses and midwives in Cyprus regarding euthanasia, as well as the contribution of the findings to the social and scientific ongoing dialogue on this matter, providing the state with additional data on how health professionals view such procedures.

The survey was carried out between February and March 2022 and 520 members of CyNMA were screened – 75% women, 25% men – among 13 nursing specialties and 15 departments/services.

Source: Cyprus News Agency

Cyprus supports the Migration Action Plan to be discussed on Friday at the Council of EU Home Affairs Ministers, as it can contribute to tackling the problem until the Single European Policy on the matter is agreed on. However, the Action Plan should not replace the EU Pact on migration, said the Minister of the Interior, Nicos Nouris, in response to questions on the matter.

Home Affairs Ministers will discuss the current situation along all migratory routes, seeking an action plan on the Central Mediterranean, in order to address the immediate and ongoing challenges along the Central Mediterranean migratory route.

Cyprus will seek a similar action plan for the Eastern Mediterranean, the Minister noted. “I would like to hope that this will be possible at the regular Council meeting which will be on December 8th in Brussels”, he added.

There are a lot of positive elements in the Action Plan proposed by the Commission, which the Minister said Cyprus will support. “But the guiding principle and the quintessence of the effort, beyond rescue issues, is to intensify the actions towards third countries, so that, on the one hand, there are agreements, and on the other hand, there is a strengthening of the infrastructure in a number of third countries, so that immigrants do not need to they choose to migrate,” he added.

Nouris clarified that the Action Plan cannot replace the Migration Pact of the Single European Policy, and that this will also be the position of Cyprus during the Council meeting.

Furthermore, regarding the EU’s Single Migration and Asylum Pact, the biggest issue that still remains is the need of the 5 Mediterranean member states to make relocations mandatory. “On the contrary, there is the position of many European countries, which do not accept the obligation and insist on voluntary relocations, something that is already being implemented and which is clearly proven by the numbers that it cannot provide a solution to the problem”, Nouris explained.

The Minister said that EU requests, regarding Turkey are very specific. “First, we request the establishment of a FRONTEX office at Istanbul’s airport to check on flights towards occupied Cyprus, in order to prevent the illegal channeling of migrants from Istanbul to Tympou illegal airport and then to the free areas. The second is that we are asking for maritime surveillance of Turkey’s southern coasts, but this also requires Turkey’s agreement”, he noted.

According to the EU, 281,000 irregular border crossings were detected at the external borders of the EU by the end of October this year, an increase of 77% compared with the same period of 2021.

Source: Cyprus News Agency

Cyprus MP, Christos Senekis, is attending the Fall meeting of the OSCE Parliamentary Assembly and made an intervention Thursday referring to Ukraine crisis, the Cyprus issue and the energy crisis. Other members of the Cyprus parliament are also attending the meeting, namely Irene Charalambides and Kyriakos Hadjiyiannis.

Senekis, a press release says, spoke of the environmental effects of the war in Ukraine and the assessment carried out by the UN which points to serious air, water and air pollution.

He also said that we should be aware of the possibility of a nuclear disaster.

As regards the energy crisis he said that the energy security can be strengthened by diversifying both the sources and the routes of energy supply.

Senekis also said that Turkey is gaining, because of the war, significant benefits in the tourism, banking and energy sectors as a result of its neutral stance and its role as a mediator between Russia and Ukraine. He also reminded the participants of the violations of international law and human rights by Ankara and the provocations against Cyprus and in the Aegean.

Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third.

Source: Cyprus News Agency

No form of gender-based violence should be tolerated in the modern world, Cyprus’ Justice Minister, Stephie Dracos said on Friday in her message to mark the International Day for the Elimination of Violence Against Women.

The Presidential Palace and the Ministries of Education, Justice and Agriculture were going to be illuminated in orange, in support of the global Orange the World campaign.

Dracos, in her message, expressed her support and respect to all women and girls who have suffered or are experiencing any form of violence and gave the assurances that the protection and safeguarding of their human rights and dignity is a top priority for the Cyprus Government and herself personally.

She also said that, after the ratification by Cyprus of the Istanbul Convention in 2017, which is a milestone in the efforts to eliminate gender-based violence internationally, there have been important changes at the institutional and legislative level but that, the efforts continue. The Minister said that, they are already studying the recommendations by the Council of Europe Group of Experts on Action against Violence against Women and Domestic Violence (GREVIO) committee so that they can take further measures and decisions to continue “the positive path to achieving the Istanbul Convention”.

In her own message the Deputy Minister of Social Welfare, Anastasia Anthousi, said they were committed to eradicating violence against women and girls, which, she added, constitute the largest percentage of victims of any form of violence, with the problem being recorded more intensely in times of crisis.

Anthousi said that, in order to harmonise the national legislation with the provisions of the Istanbul Convention, a series of bills have been promoted and passed, covering several gaps and strengthening the legislative framework of Cyprus. She added that the Deputy Ministry, recognising the need to strengthen the actions of the State to deal with the serious social phenomenon of violence against women, focuses its actions on the prevention of incidents of violence, as well as on the treatment, support and counseling for victims of violence, aiming to minimise the negative effects of abuse.

The Commissioner for Administration and the Protection of Human Rights, Maria Stylianou – Lottides, noted that, the recent GREVIO report, records gaps and weaknesses in various issues, in which immediate action by the State is needed to ensure full compliance with the provisions of the Istanbul Convention, pointing out that, the struggle to eliminate violence against women should be constant and continuous.

She also said that, holistic and parallel interventions at multiple levels are required, so that their impact is, on the one hand, immediate and effective, and, on the other hand, efficient, stable and lasting.

Source: Cyprus News Agency

The Cyprus Fiscal Council (CFC) expects increased pressures on the macro economy for 2023, with forecasts slightly more unfavorable than those of the Ministry of Finance, in its Report for 2022, published on Friday. It notes, however, that the restraint of expenditure and the management of the public debt so far, “set it on a satisfactory base for the time being, assuming there will be no policy change”.

Specifically, the Council notes the inherent resilience that the Cyprus’ economy continues to demonstrate, with real GDP growth continuing to be positive. Based on the favorable scenario of the Council, 2.4% GDP growth is expected for 2023, compared to 3% expected by the Ministry of Finance. The Council notes that the Cypriot economy has, to a large extent, absorbed the challenges created by inflationary trends and disruptions in supply chains.

CFC also notes that inflation has reduced household disposable income but boosted spending, particularly in retail. For 2023, according to the Council, inflation is expected to be limited to 3.8%, compared to the estimates of the Ministry of Finance, which are at 3%.

The implementation of the Recovery and Resilience Plan (RRP) will also be an important parameter for the success of the objectives of the Republic and the careful and close evaluation of both the implementation and the impact with measurable criteria is of great importance, CFC notes.

In addition, it is estimated that the downward trend of public debt as a percentage of GDP will continue. “The careful and prudent management observed has allowed the Republic to create a liquidity reserve, which should be preserved as the conditions in the international debt markets are expected to deteriorate in the next period”, the Report underlines.

The Council also notes the increase in development spending for 2023 and recommends an increased focus on development spending related to the Republic’s medium-term goals, such as the green transition and digital infrastructure. “We consider it imperative to maintain social spending, but we note that stricter targeting will increase the social footprint of spending, without an increase in fiscal costs”, it notes.

Finally, the Council considers the monitoring of the implementation of the Budget in 2023 as well as the maintenance of the liquidity reserve of the Republic to be extremely important.

While the Cypriot economy records resilience and significant strength, both in terms of growth and employment, 2023 is expected to be a year of high risk and particularly high pressures on the economy, due to international developments, according to the Report.

The European economy, and especially the Eurozone economy, is under pressure from the continuation of the war in Ukraine and the interruption of access to important raw materials and intermediate goods, mainly natural gas. It is expected that growth will move to zero levels, with the risk of further deterioration remaining high.

The Council estimates that ECB benchmark interest rates will reach 2.5% by 2023. However, it expects, in the positive scenario, a gradual decline towards the end of 2023 as recessionary pressure and unemployment increase and inflation eases.

The horizontal increase in interest rates has also intensified concerns about public debt and has also naturally translated into a widening of the spread between the bond yields of the various states. States will find it increasingly difficult to borrow at today’s prices, the Council says.

Finally, the CSC notes the high pressures observed in the international banking sector, stating that a banking crisis in a Eurozone state or states poses significant risks for the European economy.

Source: Cyprus News Agency

Minister of Defence, Charalambos Petride,s said that the Republic of Cyprus has significantly upgraded its defence capabilities during the last few years, speaking on Friday after a session of the Parliamentary Defence Committee.

Petrides pointed out that the Republic’s defence capabilities were upgraded both in terms of material equipment and human resources, but also in terms of alliances, adding that Cyprus constantly participates in international, bilateral and multilateral exercises and partnerships that have brought experience and interoperability with its allies. The Ministry, as he said, is firmly committed to consolidating the goals and relations with Greece, but also with other regional alliances.

He also said that the Cabinet has approved a series of measures regarding the possibility of extending the term of office of contract soldiers. He furthermore said that during the last two and a half years the Ministry has modernised legislation, has set goals regarding the armaments program, international and defence relations, has launched online platforms for the benefit of the citizens, has upgraded energy efficiency and has progressed green transition.

He added that there was progress in several areas and they are now moving from concluding agreements to the phase of their implementation, from theory to practice, as he said. Petrides also stressed the importance of rational implementation of all the programs and contracts of the Ministry.

Source: Cyprus News Agency