ESTABLISHMENT OF CENTRAL BENEFICIAL OWNERS REGISTER
The start day for establishment of Central Beneficial Owners Register and the collection of the relevant data from companies by the Registrar of Companies is set for the 16th March 2021. Within the next few days, the Registrar of Companies will issue the 1st Directive regarding the maintenance and operation of the Register, as well as a manual for the operation of the interim system solution that has been developed to this end.
Yesterday by the House of Representatives was voted the “Prevention and Suppression of Money Laundering and Terrorist Financing (Amendment) Law of 2021”, implementing in national law the 5th European AML Directive (EU 2018/843, 30th May 2018) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing activities. One of the basic provisions of the Amendment Law regards the establishment, maintenance and operation of a Beneficial Owners Register for corporate and other legal entities, by the Registrar of Companies.
Initially in 2018 the Article 30 of the 4th EU AML Directive was implemented in the Article 61A 4(a) of Cyprus “Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (188(I)/2007) providing the establishment of UBO state Register.
Yesterday by the House of Representatives was voted the “Prevention and Suppression of Money Laundering and Terrorist Financing (Amendment) Law of 2021”, implementing in national law the 5th European AML Directive (EU 2018/843, 30th May 2018) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing activities. One of the basic provisions of the Amendment Law regards the establishment, maintenance and operation of a Beneficial Owners Register for corporate and other legal entities, by the Registrar of Companies.
Initially in 2018 the Article 30 of the 4th EU AML Directive was implemented in the Article 61A 4(a) of Cyprus “Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (188(I)/2007) providing the establishment of UBO state Register.