Cyprus Positions to Lead EU Anti-Fraud Efforts Ahead of 2026 Presidency

Cyprus is positioning itself to lead European anti-fraud efforts as the island nation prepares for its upcoming EU Council Presidency in 2026. Finance Minister Makis Keravnos met this week with senior officials from the European Anti-Fraud Office (OLAF) to coordinate on strengthening the bloc's financial protection framework, discussions that will shape how the EU safeguards taxpayer money amid growing concerns about cross-border financial crime.

Background and Context

The meeting comes as Cyprus develops its first comprehensive national anti-fraud strategy, scheduled for presentation in June 2026. The initiative reflects the country's commitment to addressing financial irregularities while preparing to assume a decisive role in EU negotiations during its presidency. The discussions covered the revision of the European anti-fraud architecture and preparations for the next Multiannual Financial Framework (MFF 2028–2034), which will determine how EU funds are protected and distributed across member states.

Key Figures and Entities

Finance Minister Makis Keravnos, who will lead Cyprus's negotiating position during the presidency, emphasized that protecting European taxpayers' money must become a central pillar of the new MFF. He met with Salla Saastamoinen, deputy director-general of OLAF, who conveyed Commissioner Serafin's message prioritizing the fight against fraud across the bloc. The meeting also addressed cooperation between OLAF and the European Public Prosecutor's Office (EPPO), two key institutions in the EU's anti-fraud infrastructure.

Legal and Financial Mechanisms

Officials discussed how digital tools, education, and artificial intelligence could enhance national efforts to prevent and address financial irregularities. Saastamoinen noted that Cyprus could strengthen its systems by making fuller use of the EU's anti-fraud programme, particularly valuable at a time of heightened scrutiny across European financial systems. The coordination between national authorities and EU bodies represents a critical component in the multi-layered approach to combating fraud that affects the EU budget.

International Implications and Policy Response

Cyprus's presidency timing places it at the center of crucial negotiations that will determine the future of European financial oversight. The country's role in shaping the MFF 2028–2034 and anti-fraud architecture revisions could influence how all member states approach financial protection in the coming decade. Both sides agreed to maintain close cooperation as the presidency approaches, emphasizing the need for effective measures that safeguard EU funds while strengthening transparency across member states.

Sources

This report draws on official statements from the Cyprus Ministry of Finance and coverage by the Cyprus Mail's business section. Information regarding Cyprus's EU Council Presidency preparations and anti-fraud strategy development was provided through government channels and direct reporting from diplomatic meetings.