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Cyprus: 4th & 5th Anti Money Laundering Directive – Establishment of UBO Register
Christodoulos Damianou 07 Jan 2021
On 16 December 2020, the Council of Ministers decided to transpose the 4th Anti-Money-Laundering Directive (EU) 2015/849 to the national legislation.
On 16 December 2020, the Council of Ministers decided to transpose the 4th Anti-Money-Laundering Directive (EU) 2015/849 to the national legislation.
This new AML Law amendment shall essentially implement the central registry of ultimate beneficial owners. The registry is to be developed and completed in the second half of 2021 and access to it shall be limited and permitted only to competent authorities, such as the Tax Authority, Ministry of Finance, Police and others, upon submission of a formal request at the Registrar.
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