Today 30/10/2019 the Department of Registrar of Companies and Official Recipient has upgraded its website signaling the first of the promised actions to bring Cyprus Company Law and company management in line with Article 30 of the 4th European Directive (EU) 2015/849 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing. The amendments to the Law on the Prevention and Fight against Money Laundering Law 2007 (Law 1888 (I) / 2007) which resulted from said Directive includes article 61 A which provides for the establishment and maintenance of a register of beneficial owners of corporate and other legal entities. It is intended that Member States of the EU will establish central registers which will be interconnected through the European Central Platform until 10 March 2021 (BRIS).
By the end of the 2019 it is expected that the Department of Registrar of Companies will introduce a register of corporate and other legal entities which will, in very basic terms, require the identification of the UBO’s of all companies and other legal entities registered in the Republic of Cyprus.
If you are the owner of a Cyprus company and are concerned about the proposed amendments to the Companies Law, contact one of our lawyers to discuss the most efficient structure, under what is intended to be a publicly accessible, transparent company ownership system.