Yiota Georgiou and Ioannis Sidiropoulos, associates of our firm, have published an article in STEP magazine discussing the creation of a register of ultimate beneficial owners (UBOs) in Cyprus.
The UBO Register is a system devised to provide transparency and, a stable and up to date database where every company, or any other legal entity incorporated in Cyprus, shall be required to maintain adequate information on its beneficial owner. The article presents important relevant provisions of the currently applicable European framework in Cyprus (the Fourth Anti-Money Laundering Directive) and also refers to the possible starting date of the register’s application.
Moreover, the article provides an insight into the Fifth Anti-Money Laundering Directive (5AMLD) which will be transposed into Cyprus law on 10 January 2020. The 5AMLD requires Member States to make significant enhancements to the requirements surrounding UBO Registers such as, for example, the provision of public access to the registers.
Finally, the authors propose that, considering the time frame for the implementation of the UBO and trust registers in line with the European requirements, it is of high importance that interested parties maintain market and legal awareness.