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ARTICLE · 19 MARCH 2021

Implementation Of The UBO Register In Cyprus – An Interim Solution

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Further to our announcement dated on 4th of February 2021, the House of Representatives voted for The Prevention and Suppression of Money Laundering and Terrorist Financing (Amending) Law of 2021.

CyprusCorporate/Commercial Law
Margarita Sofokleous
Margarita Sofokleous
Maria Hinni
Maria Hinni
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Implementation of the UBO Register (Interim Solution): Guidelines by the Registrar of Companies

Further to our announcement dated on 4th of February 2021, the House of Representatives voted for The Prevention and Suppression of Money Laundering and Terrorist Financing (Amending) Law of 2021.

One of the fundamental amendments of the above-mentioned Law is the implementation of the Register of UBO (currently as an interim solution) in order to increase transparency.

The Department of the Registrar of Companies announced on 16/03/2021 the implementation of the interim solution by the collection of data for companies. The Companies will be granted a period of 6 months from that date (until 17 September 2021) during which the information about the UBOs into the relevant interim reporting system should be submitted.

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