Ultimate Beneficial Owner (UBO) Registers Implementation In Cyprus

Introduction

As part in a chain of reforms proposed by the European Commission, in 2015 the European Union (the “EU”) adopted a modernised regulatory framework encompassing the Fourth Anti-Money Laundering Directive 2015/849 (the “AMLD IV”). The AMLD IV is a milestone in the Commission's Action Plan to remedy the undoubtable shortcomings of Europe's anti-money laundering framework evident by several money laundering cases and terrorist attacks. Despite the lack of harmonisation and successful implementation across the EU, in June 2018, the European Parliament proceeded with the publishing of the Fifth Anti-Money Laundering Directive 2018/843 (the “AMLD V”), forming one of the latest weapons of the EU in the fight against money laundering and terrorist financing.