Treasury of the Republic of Cyprus

The Directorate of Financial Control of European Funds serves as the central Expenditure Verification Body responsible for conducting primary control to ensure sound financial management, transparency, timely implementation, and prevention of loss of funds due to irregularities. The relevant decisions include Council of Ministers No. 79.735 (17/11/2015), No. 94.440 (22/02/2023) for Political Cohesion and Fisheries Programs, and No. 93.428 (28/07/2022) for the Recovery and Resilience Plan.

With the authority granted by the Council of Ministers (Decision No. 93.428 on 28/07/2022), the Directorate conducts verifications to ensure there is no conflict of interest and double funding. It collects and verifies details of beneficial owners from all bodies involved in the implementation of the RRF, THALEIA, and the Fisheries and Aquaculture Program 2021-2027, either through public procurement or proposals for grant schemes, using databases including the Registrar of Companies and the EU ARACHNE tool.

The Directorate contributes to the improvement of the technical training of the Agencies for the Management of Programs, Plans, and Interventions that are (co)financed by the European Union, through the issuance of guidelines and the training of all officials involved.

It plays a decisive role in assessing risks and fraud risks that affect the entire management and control system of (co)financed programs.
It also contributes to the design of the management and control system and the information systems of the Recovery and Resilience Plan and the Cohesion Policy and Fisheries Programs, with a focus on strengthening the flexibility and proportionality of available resources, accelerating the implementation of the programs, and limiting administrative costs.

☉ Civil Cohesion and Fisheries Programs
☉ Recovery and Resilience Plan

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Central Expenditure Verification Body

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