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BRIEFINGS

Register of UBOs of companies and other legal entities

In an attempt to strengthen and harmonize the framework with regards to the prevention and suppression of money laundering, the Register of UBOs has been created. 

On 18/02/2021 the Cyprus Parliament passed the amending Law on the Prevention and Combating of Money Laundering of 2021. One of the basic provisions of the said Law relates to the maintenance and operation of a Register of UBOs of companies and other legal entities by the Cyprus Registrar of Companies. 

The collection of data and information with regards to UBOs will start on 16/03/2021. Within the next few days, the Registrar of Companies will issue the 1st instruction on the maintenance and operation of the Register, along with a manual for the operation of the system developed for this purpose.