Category: News

The European Commission has not yet communicated its position on the new citizenship by investment programme, Malta’s Parliamentary Secretary for Citizenship Alex Muscat said.

Insisting that the new scheme does not need the commission’s approval, Muscat said “the European Commission has not come back with a reply or communicated what it intends to do.” 

The European Commission had expressed its concern over the so-called golden passport schemes because of risks tied to security, money laundering, tax fraud, and corruption.

Speaking to Newsbook, Muscat said Malta is no longer receiving applications under the maligned Individual Investor Programme (IIP) after the government decided to “wind it down.”

The IIP scheme had a 1,800 application ceiling and recent revelations from the Passport Papers, a cache of documents from the passports-for-cash concessionaires Henley & Partners, confirmed efforts by the Maltese government to block public scrutiny of the scheme.

The original programme designed by Henley was intended to make secret the acquirers of these elite passports, with the Labour administration only adding later a residency requirement. While shady characters were awarded a passport, investigations exposed the close relationship between the Office of the Prime Minister and Henley & Partners, and the lack of a genuine link between applicants and Malta.

However, Muscat explained that the IIP has been replaced by a new residency scheme that can lead to citizenship. Under the new system, applicants must first obtain a Maltese residence permit before applying for citizenship.

Individuals can either apply after a one-year residency period if they invest at least €750,000 or €600,000 if they apply after a three-year residency period. Additional requirements include a minimum investment of €700,000 in property or €18,000 in rent annually. 

Despite Muscat’s claim that citizenship is a national competency, last year the European Commission initiated infringement proceedings against Malta and Cyprus over their citizenship by investment schemes.

In October 2020, the commission said “given the nature of Union citizenship, these programmes have implications for the Union as a whole. When a Member State grants nationality, the person concerned automatically becomes a citizen of the Union and enjoys all the rights associated with that status, such as the right to move, reside and work freely within the Union, or the right to vote in municipal and European Parliament elections”. 

The infringement procedure is based on the fact that “the granting of citizenship of the Union in exchange for a predetermined payment or investment and without the persons acquiring citizenship showing any real link with the Member States concerned undermines the profound nature of EU citizenship”.

Moreover, in her State of the Union address in September 2020, Ursula von der Leyen, President of the European Commission, said that “European values are not for sale”.

Source: newsbook.com.mt

Published: 2 June 2021

Programs that offer passports in return for investment have financial integrity risks that must be managed

As countries closed their borders to slow the spread of COVID-19, a second passport became an ever-more-desirable commodity, for those who could afford it. While not a new phenomenon—several countries have adopted “golden passport” programs over the years—the onset of the pandemic generated renewed interest. Price tags for a second citizenship—sometimes in only 30 days—range from $100,000 to $2.5 million. Antigua and Barbuda, Cyprus, Grenada, Jordan, Malta, St Kitts and Nevis, and Vanuatu are among the many countries that have offered such deals.

There are few figures about the trade in passports given the overall opacity of these programs. Nevertheless, firms that offer such services reported increasing demand for second passports in the midst of the pandemic. Requests from high-net-worth individuals in advanced economies have skyrocketed. The demand has been further fuelled by discounts offered by some countries.

A second passport has many benefits, such as the ability to travel freely without visas and flee political persecution, conflict, or civil unrest. It can offer attractive tax and wealth management benefits, too. Usually citizens from autocratic countries, where the rule of law is weak, are the most anxious to obtain a golden passport.

But as the coronavirus threatened to overwhelm health services before vaccines became available, wealthy individuals from developed democracies also looked for an escape route. For countries seeking to rebuild pandemic-stricken economies, the sale of passports can seem an easy way to secure revenue and investment. In the past, such arrangements have generated large inflows, which can have a significant economic and fiscal impact—consider, for example, revenue generated by such programs in the Caribbean (see IMF Working Paper No. 20/8). Some countries have used these programs to replenish their coffers after natural disasters (for example, a decline in tax revenue after Hurricane Maria hit Dominica was partly offset by golden passport revenue).

What are golden passports?

Golden passport programs allow individuals and their families to buy new citizenship through targeted investments or contributions.

Investments and contributions: These include direct monetary contributions, the purchase of government debt instruments (for example, investment in government stocks, bonds, securities), investment in specific sectors (for example, real estate, construction), and the establishment of businesses. Qualifying amounts typically range from $100,000 to $2.5 million (excluding fees) and have various financing terms (for example, up-front payments, installments, bank loans).

Administration: Typically, a government agency oversees the program, and may rely on third parties to market the program, facilitate application submissions, and carry out due diligence. Some programs have statutory quotas that limit the number of applications.

Application process: The application process usually requires some background checks (for example, criminal background checks, vetting by third parties), though requirements differ. Processing applications can take from 30 days to more than a year—many offer fast-track options in exchange for higher contribution amounts.

Ultimately the bestowal of citizenship is a government’s sovereign decision. However, the risks of selling citizenship can be high. Abuses are widely documented, including enabling corruption, money laundering, tax evasion, and other crimes. If the risks are not properly managed, countries that offer these programs can suffer reputational damage, affecting their economic and financial stability and worsening inequality.

New citizenship can disguise a higher risk profile. Criminals and terrorists may shop around for a country that offers a safe haven from law enforcement or extradition. They might hide behind alternative identities to gain access to financial products or evade sanctions and watch lists. They could use secondary citizenship to conceal a bank account that would otherwise require declaration under international tax rules, or they might seek citizenship in a country that has not agreed to such tax information exchange.

The risks from these programs can spill over to other countries, too. Members of organized crime may use their newly acquired passports to move freely between countries and establish illegal enterprises. The European Commission has launched legal proceedings against two member states (Cyprus and Malta) for offering golden passports to people without a “genuine link” to the bloc; it says they threaten the integrity of EU citizenship as a whole, since a citizen of one EU member state has the right to move, live, and work freely in the other 26 members.

Citizenship by investment can lead to corruption and rent-seeking. Without proper oversight, public officials may accept bribes or pocket the fees. Programs linked to specific sectors can cause overdependence that leads to economic imbalances. Some countries, for example, offer citizenship to investors who purchase an expensive property. Foreign money can drive up local property prices and give rise to real estate bubbles.

In reaction to countries that sell passports without proper vetting, other governments may respond with countermeasures such as enhanced checking of regular passport holders from these countries. In some cases, countries could be labeled as high risk. The Organisation for Economic Co-operation and Development, for instance, publishes a list of high-risk programs it suspects allow people to hide their taxable assets abroad. Foreign banks can react to these negative risk perceptions, putting pressure on correspondent banking relationships. This can have far-reaching implications for financial stability.

Evaluating programs

The IMF is working with members on policy advice to highlight the risks of these arrangements, with an eye to properly balancing risks and benefits and avoiding a long-term negative economic impact. For example, the IMF has advised members on the financial integrity risks of such current and past programs in Article IV consultations for Comoros, Cyprus, Dominica, Grenada, Malta, St. Kitts and Nevis, and St. Lucia. More broadly,

Countries should clearly understand the risks. Before launching or continuing with citizenship-by-investment programs, authorities should carefully assess the costs and benefits, including their own capacity to manage the financial integrity risks. Are the application, monitoring, and revocation procedures robust? How effective are the supporting mutual legal assistance, tax information exchange, and anti-money-laundering and counter-terrorism-financing frameworks? Such risk assessments should be ongoing to respond to changes in the environment.

Authorities should ensure that there is robust vetting of applicants. Government agencies or third parties responsible for processing golden passport applications should carry out rigorous background checks on an ongoing basis, including by checking with the home authorities of applicants and consulting databases of sanctioned and politically exposed persons. Agents who handle applications must exercise appropriate due diligence regarding their clients, establish the legitimacy of their sources of wealth and income, and report suspicious activity. Applicants should not be admitted without thorough vetting. All sectors and agents involved should be supervised for compliance with anti-money-laundering and counter-terrorism-financing requirements.

Authorities should consider enhanced measures for transparency and oversight. One way to do this is to publish the names of successful applicants. This can in turn be useful for banks and other businesses when they need to conduct due diligence on their clients and for authorities carrying out investigations. Another way is to ensure that the passport and other citizenship documents issued indicate that these are golden passports. Authorities should also consider periodic public audits to ensure that the proceeds of the program are used for their intended purposes.

Countries could consider a regional approach to level the playing field. A coordinated approach among countries with golden passport programs can help discourage criminals from shopping around for citizenship and prevent a race to the bottom. Effective arrangements for information sharing, standardizing best practices, and enhancing the transparency of the processes for granting (and revoking) citizenship can strengthen safeguard mechanisms. Pooling of resources can reduce costs and establish consistent regional due diligence, monitoring, and enforcement practices.

Golden passports grant all the privileges of a country’s citizenship. Ultimately, the decision to grant citizenship is up to each country. Yet citizenship and its attendant benefits should be zealously safeguarded, given the financial and reputational risks when such a precious commodity is bestowed unwisely. Countries should take the time to consider whether the costs of giving noncitizens a second passport really do outweigh the benefits. In some cases, they may not.

Source: imf.org

Published: 2 June 2021

The business landscape of the UAE has been steadily changing in the past few years with the rapid introduction of progressive measures. In a historic move on Jan. 30, 2021, the UAE announced the decision to open its citizenship to investors, specialized talents, and professionals.

The landmark judgment aims to broaden the nation’s talent pool by attracting and retaining the brightest minds to further the country’s development and progress. Professionals eligible for Emirati citizenship include doctors, engineers, scientists, authors, artists, and their families.

Increasing stability

The UAE has always been an attractive but transient hub for traders and investors. However, with the recent amendment that renders a tone of permanency, investors and highly skilled individuals are more likely to contribute to the country’s growth. Investment groups predict a boost in the flow of foreign investments that would enable the diversification of the economy and revenue sources. 

Facilitating integration

The decision will be significant for the country whose demographic landscape has historically been dominated by expatriates. The amendment will reassert the country’s identity as a residence pad for investors and skilled individuals and facilitate their integration into the national identity. The prospect of complete integration will instill more confidence and trust in investors and working professionals.

This will also result in enhanced commitment to the prospective citizens toward the development and progress of the country.

Improving competitiveness

In the short term, the announcement will increase investment opportunities and improve the UAE’s competitiveness in attracting investors and talented professionals who are willing to relocate to the country by providing them with greater stability and permanency. In the longer term, allowing residents to obtain citizenship will help create a more stable, diverse, and energetic society.

Associated legal reforms

Other than the changes in citizenship laws, the country has also carried out other reforms in social and legal spheres to enhance its appeal for expatriate residents and visitors. In 2019, the Golden Visa scheme was introduced, which allowed for talented expatriates and specialized professionals and entrepreneurs to apply for five and 10-year automatically renewable visas. 

The recent changes in foreign ownership regulations also go in conjunction with the government’s wider objectives to make the country an attractive economic destination. Financial advisers say the amended laws will allow foreign entrepreneurs and investors to establish and completely own companies in the country.

The changes also abolish the requirement of having an agent who is a citizen of the UAE for foreign companies to start a branch in UAE. The country’s policymakers are especially eager to attract entrepreneurs who can contribute to innovation-led growth and founders of startups to boost the UAE’s technology credentials. 

Overlapping initiatives will likely heighten regional competition over foreign talent. However, for now, the UAE remains high on the list of desirable locations for those expatriates and entrepreneurs looking to stay in or relocate to the Middle East. The progressive social and legal amendments made by the government will go a long way in ensuring that the country maintains this edge in appeal and desirability.

Source: arabnews.com

Published: 29 April 2021

Choksi was apprehended in Dominica where he might have entered illegally by boats. Initially, arrangements were being made to hand Choksi over to Antigua, but Prime Minister Gaston Browne said he should be handed over to the Indian government.

Financial scam-accused Mehul Choksi, apprehended in Dominica is likely to be repatriated straight to India as Antigua and Barbuda Prime Minister Gaston Browne told news agency ANI that Antigua will not accept him back. Browne said he has requested PM Skerrit and law enforcement in Dominica to not return Choksi to Antigua where he has legal and constitutional protection as a citizen, the news agency reported.

The prime minister also said that Choksi made a “monumental error” by fleeing the island. His family members staying in Antigua are legal citizens and they are not known to be “let’s say criminals”, the prime minister said.

“He (Choksi) was found in Dominica. He may have entered the island illegally, possibly by boats. The Dominican government is cooperating with the Antiguan and Indian governments. We have requested Dominican law enforcement agencies to not return him to Antigua where he has legal and constitutional rights as a citizen. We specifically requested them to have Indian law enforcement agencies make necessary arrangements to have him returned directly to India,” Browne told ANI.

The Indian and Antiguan authorities are in touch with the Dominican government, he said.

According to reports, Mehul Choksi, wanted in India in connection with a ₹13,500-crore loan fraud in Punjab National Bank, went missing on Sunday. He was last seen on Sunday evening at 5.15pm leaving the home in a car. His lawyer Vijay Aggarwal said his family members were worried as he went to a well-known restaurant for dinner and did not return. Antigua police intensified the search and interrogated his relatives and associates. Meanwhile, his car was found at Jolly Harbour without any trace of him.

The police issued a missing person notice and sought the assistance of the public in knowing the whereabouts of Choksi. Anyone with information is asked to call the Johnson Point Police Station or the Criminal Investigations Department (CID), reported Antiguan Newsroom.

After Choksi was apprehended in Dominica, arrangements were initially being made to hand him over to Antigua police, but the PM has said he should be extradited to India.

Before the multi-crore PNB scam came to light, Choksi fled India and a year before he had taken the citizenship of Antigua and Barbuda in 2017 using the Citizenship by Investment programme.

Source: hindustantimes.com

Published: 27 May 2021

A university professor told of his pride in receiving UAE citizenship for his significant contribution to the country.

Hassan Arafat, director of the Centre for Membranes and Advanced Water Technology at Khalifa University, Abu Dhabi, was among the first residents to secure citizenship as part of a new process announced by the country this year.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, outlined the decision in January to nominate leading figures, including engineers, doctors and scientists, for citizenship in recognition of their outstanding work.

A top chemical engineer, Prof Arafat, 47, from Amman, Jordan, received an Emirati passport in March, a few weeks after he received a phone call to say he was nominated based on his scientific achievements.

“I actually get very emotional thinking about it and there is a feeling of joy,” he told The National.

“It is an honour that has really humbled me.
“It’s like magic, like a switch you turn on. Suddenly I’m feeling part of something much bigger than my career.”

His new status has had a positive effect on his work, too.

“It’s quite strange, my mindset even when I come to work has suddenly become different. I’m no longer thinking of what I want to achieve that day, I’m thinking about how what I do affects my university and the UAE,” Prof Arafat said.

“This is integrated in all my planning and work on a daily basis.”

Under the scheme, people will retain their original nationality, allowing for dual citizenship.

Five key roles in the citizenship drive

“It’s like suddenly having two families you belong to,” Prof Arafat said.

“Just like when you get married you are part of two families and you are very happy to have that.

“The UAE recognises that people have very strong sentimental attachment to their place of birth and place of original citizenship. The fact that they didn’t want people to go through the pain of giving that up is amazing.”

Prof Arafat has been working in the UAE since 2010 and lives with his wife and four children who are thrilled they can plan a long-term future in the country they call home.

“We are going through a phase where two children are finishing high school this year and they were uncertain about where they would go to university,” Prof Arafat said.

“We were considering all kinds of options and now it is quite obvious. This is your country, you go to school here.”

Prof Arafat is grateful for the seamless naturalisation procedure in which residents are nominated and do not need to apply.

“When you apply for citizenship to other countries you have to go through a lot of processes, you have a lot of documents to submit. Here the government has done the thinking and due diligence.

“That’s the exciting part. The time they invested in taking the initiative is remarkable.

“They didn’t need me to prepare a dossier and say this is what I have achieved.

“I don’t know of many governments that take the initiative to select who [they] want.”

Looking ahead, the professor has big plans for increased industry tie-ups for his research team, which works to create affordable and environmentally friendly water desalination solutions.

The centre he leads studies techniques to tackle water scarcity challenges with home-grown ideas that are energy efficient.

Prof Arafat is working to design nanomaterials that reduce the amount of energy and chemicals needed in the process to make seawater drinkable.

Desalination plants often use chemicals that pollute the environment and the research could have a global impact.

“These chemicals end up coming out in wastewater, which most of the time finds its way back into the oceans. So we don’t want that, we want to reduce, cut the use of chemicals as much as possible,” he said.

Prof Arafat’s work has won several awards, including the Khalifa Award for Education in 2017. The same year he was conferred with the Mohammed bin Rashid Medal for Scientific Excellence.

His international awards include the US Department of Energy Secretary Honour Award and the Mondialogo Engineering Award by Daimler AG and Unesco.

Prof Arafat wrote a book on achieving water and food security titled Desalination Sustainability: A Technical, Socioeconomic and Environmental Approach.

He was among the first group of 20 academics who shared a stage with Sheikh Mohammed when they were awarded golden residency visas in 2019.

Source: thenationalnews.com
Published: 6 May 2021

Dual citizenship is a growing trend in the US as Americans are more than keen to acquire the status and the rights it brings. But the entire process can be lengthy and complex, depending on the country you choose. The last few years have witnessed a surge in demand for Italian dual citizenship, with American citizens making a beeline for it. There are plenty of valid reasons to consider it as your second passport destination. But before explaining these benefits of Italian dual citizenship, we want to highlight how the process works and what options you can explore according to your circumstances.

Know your options for Italian dual citizenship
If you are keen on obtaining Italian dual citizenship, you must first start by understanding the options. One or more options may match your circumstances, so it will be easy to decide if you have complete information about eligibility, process, and timelines for each alternative. Let us explain them in detail.

Citizenship by descent (Jure Sanguinis)
This option is applicable if you have an ancestral connection with the country. Further, the rights automatically pass on to the next generations once you complete the process. Before you apply, you must ensure eligibility and have valid documents to prove it. You will be eligible if your father or mother was an Italian citizen at the time of your birth. The rule also applies if your paternal or maternal grandfather or paternal or maternal great-grandfather was an Italian citizen. The rule, however, differs for applicants with a female bloodline. Maternal rights are passed only to children born after 1948, though you can apply under the 1948 rule if you want to apply through a relative born before 1948.

Citizenship by marriage
If you are married to an Italian, you can apply for citizenship by marriage. But you will have to wait for two years of marriage if you live in Italy and three years if you reside in another country. The period is cut short to half if you have adopted or biological children with an Italian spouse. You will require marriage registration to serve as documentary evidence of your relationship with the partner. Further, you will also need to prove language proficiency while applying through this route.

Citizenship by naturalization
Citizenship through naturalization is a complex route, but it is apt for people who have been residing here for at least ten years. The period is reduced to four years for those who can show a valid connection with the country, such as a relative who had given up citizenship in the past. An expert with a good understanding of visa laws can help you apply through this route.

Citizenship by investment
If you aren’t eligible to apply through descent, marriage, or naturalization, you can still obtain Italian citizenship by investment. You can check here for a great content on the process for getting an Italian Passport to see which one works for you. If none does, you can apply through a Golden Visa program by investing in an Italian company, innovative startup, a public interest project, or government bonds.

Now that you know all about the available options to obtain Italian dual citizenship, you will want to know whether it is worth the effort. It is one of the most desirable second citizenship destinations for US citizens, and the reputation is well-deserved.

Benefits of Italian second passport
The benefits of being a dual citizen are immense as you have the rights from both countries, but everything boils down to the choice of countries. Here are some reasons why Italian second passports are trending in the US.

EU citizenship rights
Acquiring an Italian second passport opens you to EU citizenship rights, which means that you have the freedom to live and move across the territory of the Union. You can travel visa-free in the region, enjoy the right to vote, buy property, and work at jobs reserved only to Italians. You also get protection from the consular and diplomatic authorities of any EU Member State.

Free public education
Italian citizens have a right to free public education, which means that their children will get a quality education without spending anything. They can also study in the other EU nations, many of which offer education free of cost.

Free healthcare
Italy is known to have one of the best healthcare systems, and you get access to free Italian National Health Care on getting a second passport. You have peace of mind about the cost of treatment here, no matter how expensive they are.

Besides these tangible reasons, there is a lot more that makes Italy an attractive second passport country for Americans. Picturesque views, excellent weather, and a peaceful lifestyle make it an ideal place for people looking to start afresh after retirement. It also presents lucrative opportunities for those in the workforce. Entrepreneurs can start a business with ease, while families love secure and calm living.

Source: latinpost.com
Published: 30 April 2021

The travel ban preventing Australians in India from returning home could be subject to legal challenges, with lawyers and academics believing the extraordinary measure may breach the law.

Scott Morrison’s government has been condemned for its “outrageous” decision to introduce fines of up to $66,600 or five years in prison, or both, for anyone defying a travel ban preventing Australians returning home from India.

The travel ban officially begins on Monday, in what is believed to be the first time Australia has banned its own citizens from returning home.

Griffith University human rights law Prof Sarah Joseph said the ban, implemented under the Biosecurity Act, must satisfy section 477 of that act, which states that the measure has to be “appropriate” and “no more restrictive or intrusive than is required in the circumstances”.

She said that the relative success of Australia’s hotel quarantine program in restricting the spread of Covid-19, compared with the desperate situation in India, among other factors, could help a prospective litigant frame a case that the travel ban was inappropriate.

“It’s a pretty extraordinary measure, and any extraordinary measure runs the risk of being considered disproportionate,” she said.

She said challenging the Biosecurity Act has been raised as a potential way to overturn the outward ban on travel – a situation replicated in few if any countries in the world – and it was “probably time to test that provision”.

Joseph said that while that presented the “easiest angle for attacking” the ban, a legal challenge might also be mounted on an implied constitutional right for citizens to freely return to Australia.

The high court has previously rejected two cases related to restrictions imposed during the pandemic, but both of those related to measures implemented by states.

Marque Lawyers managing partner Michael Bradley also believes that the ban may be unlawful.

He said that an Australian who wished to challenge the ban would not have to be charged first for breaching it, nor have to even be in Australia.

An individual would have standing for a legal challenge if they were in India and could demonstrate an ability to travel home, he said.

While direct flights had been banned, it was possible that indirect routes could be found.

“Anyone in that position would have standing to challenge it,” he said. “Given the extremity of the situation in India, if I was in that situation I would be thinking about challenging it. The situation couldn’t get much worse.”

Bradley said it was entirely possible the government could include other countries under the ban.

“It’s an extraordinary precedent, and they could do it in respect of any country. It is an entirely new level of restriction compared to anything they have done up until now.”

He agreed with the two prospective fronts for a challenge to the ban, but said the constitutional argument was far more “controversial”, as the “constitution is completely silent on the rights of citizens”.

In the favour of any plaintiff would be the fact the government had seemingly not acted proportionately to the threat, he said, given there are other measures it could implement.

Christopher Ward SC, the president of the International Law Association, tweeted that “the constitutionality of a proposed law criminalising return of Australian citizens from particular specified countries is deeply questionable”. He did not respond to a request for further comment.

On Friday, Greg Hunt, the health minister, said the decision to implement the ban had not been taken lightly and his heart went out to Indian-Australians.

Melbourne man Vishal Dhanda, one of more than 9,000 Australians in India registered as wanting to return, travelled to Yamuna Nagar, about 200km outside of Dehli, on 11 April after finally gaining an exemption due to his father’s terminal illness.

“I didn’t come here for a holiday,” he said. “I didn’t come here by choice … My father was dying.”

Dhanda said he feels abandoned by Australia, like many others abroad who have been unable to return home.

“I applied for my exemption through all the right channels,” he said. “Now you’re telling me, ‘why did you go?’

“I don’t want to bring this disease back with me … I don’t want to put anyone into risk, but at the same time I’m at risk as well.”

The Australian Human Rights Commission has called on the federal government to prove that its decision to fine or jail Australians attempting to return from India is “not discriminatory”.

“The need for such restrictions must be publicly justified,” it said. “The government must show that these measures are not discriminatory and the only suitable way of dealing with the threat to public health.”

Source: theguardian.com
Published: 1 May 2021

The government has launched a campaign to eradicate corruption in public office, with Justice Minister Emily Yiolitis pledging to carry out the action plan demanded by President Nicos Anastasiades earlier this year.

The campaign includes a series of measures designed to fight corruption based on transparency and accountability to win back the public’s trust.

Yiolitis addressed an anti-corruption seminar Thursday, marking a new round of training for state officials and the wider public sector.

“Corruption is one of the biggest problems internationally, and its spread poses a threat to the foundations of any state’s economy and democracy as it diverts resources and undermines the efficiency of public spending,” said Yiolitis.

She said emphasis would be on educating people and making them active participants in the fight against corruption.

“Corruption makes states less attractive for business and, as a result, reduces private investment and competitiveness, thus undermining the growth of the economy”.

She called it a key factor in eroding citizens and society’s trust towards institutions, politics, and government institutions.

Yiolitis said the government had proved its intent to deal with the problem efficiently and holistically to rid society of this burden.

The government wants to amend the Criminal Code, increasing penalties for public officials who abuse power from 3 to 7 years in prison.

“Strong political will and cooperation on behalf of the legislature, the parties, non-government organisations, professional groups, and civil society, in general, is also necessary.

“I am sorry to note that important Bills in this package, such as the Bill regulating the establishment of an Independent Anti-Corruption Authority, have been extensively debated but have not been put to the vote in Parliament.”

The minister said the government aims to improve transparency and accountability.

“Important elements in minimising corruption and can only be achieved in a context of improving the quality of institutions and public sector governance.”

The Ministry of Finance is promoting reforms in public service to ensure that all recruitment, evaluation, and promotions in the civil service will be based on principles of objectivity and meritocracy.

There are also plans to set up a national integrity body authorised to conduct a real-time audit on politicians and their asset declarations.

The government and the political system has come under public scrutiny, accused of sweeping corruption under the carpet following revelations of corruption in high places.

Anastasiades has come under fire himself over alleged involvement in the controversial citizenship by investment programme.

An undercover Al Jazeera sting operation portrayed the then-House Speaker Demetris Syllouris and AKEL MP Christakis Giovanis, appearing ready to help a dodgy Chinese investor secure Cypriot citizenship for cash.

Both have since resigned, with a police investigation into their actions underway.

Although the video did not reference a government official, it did shoot down the government’s claim that Cyprus was unfairly targeted over its investment scheme from foreign media and EU partners.

In 2019, the Council of Europe’s Group of States against Corruption (GRECO) said Cyprus was among countries that have not fully complied with its recommendations on corruption prevention.

According to the Commission, Cyprus has also failed to comply with the EU’s latest anti-money laundering directive, which leaves a legal gap that could be exploited at the bloc’s expense.

Source: financialmirror.com
Published: 13 May 2021