Ultimate Beneficial Owners’ (UBOs) register
The Council of Ministers has on 16/12/2020 decided to designate the Registrar of Companies as the competent authority to maintain in Cyprus the register of ultimate beneficial owners of companies and other legal entities.
This decision implements into Cyprus national law the 4th European Directive (EU) 2015/849 of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The relevant legislation was enacted in April 2018 but was not implement until 16/12/2020.
As a result of this decision:
· The Registrar of Companies is appointed as the competent authority for the maintenance of the central register of ultimate beneficial owners of companies and other legal entities, and
· The Registrar of Companies is authorised to collect information as to the true beneficiaries of companies and other legal entities.
The Registrar of Companies has announced that collection of the relevant data shall commence on 18th January 2021 and must be completed by 19th July 2021. Companies and other legal entities must, within this period, register information concerning their ultimate beneficial owners by utilising the portal established for the purpose by the Registrar of Companies. Please note that the portal has been developed as an intermediate solution and access to it will, for the time being, be possible only for the competent authorities, upon a request being filed with the Registrar of Companies.
The information collected will be transferred to the final data base to be developed in the second half of 2021 and access to which will be granted the public at large, will be on the basis on the provisions of the 5th European Directive (EU) 2018/843 of the European Parliament and of the Council of 30th May, 2018 which has yet to be introduced into Cyprus law.
Nicosia, January 2020