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Cyprus introduces Ultimate Beneficial Owner register within 2021

Fidescorp Limited > News > Cyprus introduces Ultimate Beneficial Owner register within 2021
Cyprus introduces Ultimate Beneficial Owner register within 2021

The evolving transparency measures taken across the world and the continuous advances in Anti-Money Laundering Legislation, have been leading the EU member states to the development of Centralised Registers of Ultimate Beneficial Owners (“UBOs”).

On 16 December 2020, the Council of Ministers, in line with Article 57(b) of the “Prevention and suspension of money laundering and terrorist financing laws of 2007 to 2019” have appointed the Registrar of Companies as the competent authority responsible to maintain this Register for all Cyprus legal entities and to collect relevant UBO data.

The collection of information will start on 18th January 2021 and legal entities will have 6 months (by 19th July 2021) to submit the required UBO information on a temporary platform.

All legal entities have an obligation to comply with the requirement for the provision of data, with the exception of trusts that have no tax obligations in Cyprus.

For the time being, the temporary platform will only be available to competent authorities, upon request. Within the second semester of 2021, the final platform will be developed and access to the UBO data will be available to such parties as required by the 5th EU Anti-Money Laundering Directive.

The Registrar of Companies is expected to revert in due course, with more details on the way forward and a link to the platform for submission of data.

Please get in touch with us for guidance and assistance, in order to ensure your entities’ compliance with the applicable legislation.