Cyprus: Ultimate Beneficial Owner (UBO) Registry Now In Effect

Constantinos Pavlou

The Council of Ministers decided to transpose the 4th Anti-Money Laundering Directive (EU) 2015/849 to the national legislation. The registry development has been completed and the Ministry of Finance has announced its official operation on April 6th, 2021.

All legal entities registered in Cyprus will be granted a grace period of 12 months in order to submit their relevant information and reportable details to the system. As a result, all legal persons and legal arrangements through their registered agents have a duty to comply with the provisions of the new legislation by March 12th, 2022.

Access to the said Register shall be limited and permitted only to the competent authorities, namely the Tax Authority, Ministry of Finance, Police and the Registrar of Companies.

For further information relating to the UBO Register in Cyprus, please contact Constantinos Pavlou, Advocate/Legal Consultant.

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XLNC ARCHIVE| 05 May 2021

 

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