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ARTICLE · 30 DECEMBER 2024

Changes To The UBO Registry Filings

G. Vrikis & Associates LLC
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The Cyprus Parliament has passed the new amendment to the Law for the Prevention and Combating of Legalization of Income from Illegal Activities (amendment Law N.141(I)/2024)...

CyprusCorporate/Commercial Law
G. Vrikis & Associates LLC
G. Vrikis & Associates LLC
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The Cyprus Parliament has passed the new amendment to the Law for the Prevention and Combating of Legalization of Income from Illegal Activities (amendment Law N.141(I)/2024), which introduces the following main amendments to the Law relating to the obligation imposed for the filing of the Ultimate Beneficial Owners (UBO) of each Cyprus Company with the Registrar of Companies:

  1. Going forward, fines will be imposed only on the company or other legal entity that refuses or fails or neglects to fulfil the reporting obligations for beneficial owners, as these obligations arise under the provisions of Law 188(I)/2007 and the Directives issued thereunder. That is, no monetary fines will be imposed on each director and secretary.

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