Introduction The Fifth Anti-Money Laundering Directive (5AMLD) came into effect on the 10th January 2020 and serves to address new issues that have been exposed since the Fourth Anti-Money Laundering Directive which came into force back in 2017. It is a European Union (EU) legislation with the aim to strengthen the barriers in the battle against money laundering and […]
The operation of the Ultimate Beneficial Owners Registry for Cypriot Companies.
According to the provisions of new Cyprus legislation adopted in 2021 concerning money laundering, all Cypriot companies are obliged to register the details of their beneficial owners in an electronic register set up by the Registrar of Cyprus (“the Register”). The Register will be publicly accessible from January 1, 2023 while for the time being it […]
Who will have access to the Registry of Ultimate Beneficial Owners in Cyprus?
The release of the information added on the UBO Registry in Cyprus is divided to two phases: Phase 1. During the first 12-month reporting period, i.e., starting from 12.03.2021 to 12.03.2022, only Cyprus competent supervisory authorities such as the Financial Intelligence Unit (FIU) of Cyprus, the Customs Department, the Tax Department and the Police will […]
What are beneficial shareholders and how are they secured under Cyprus law?
Cyprus law recognizes the concept of trust both under statute and in equity. Under this concept it is possible for someone to hold the legal title of a property for the benefit of a third party. So to take the example of shares in a private company. The registered owner of the shares may hold […]
Four Ways Nominees Can Benefit a Company
Nominees are people or legal entities that act as directors or shareholders of a company to protect the identity of a real shareholder or director. During company registration in Cyprus, the name, address, occupation and nationality of the person or legal entity who is to be the shareholder or the beneficial owner is required. In cases where anonymity is preferred, nominees are used […]