Decision of the Council of Ministers on the implementation of UBO Registry – Republic of Cyprus
The Council of Ministers has decided during its meeting on 16 December 2020, to appoint the Department of Registrar of Companies and Official Receiver of the Republic of Cyprus, as the authority responsible for the maintenance and control of the register of UBOs (Ultimate Beneficiary Owners) and other legal entities. Also, to authorize the Department of Registrar of Companies and Official Receiver, to collect information about the UBOs and other legal entities via the intermediate system solution that has been formed.
This decision was made as part of the as part of transposition into National Law of the Fourth European Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
Based on the decision of the Council of Ministers, mentioned above, the Department of Registrar of Companies announced that data collection for companies will start from Monday 18 January 2021 and from this date, all companies will be granted a period of 6 months (until 19 July 2021) for registration, of the information about their ultimate beneficial owners.
The intermediate system solution that has been formed for this of the UBO Register Cyprus, is accessible only for the competent authorities, upon request to the Registrar of Companies.
The final system solution will be developed in the second half of 2021 and all data collected, will be transferred to this system. Access to the final UBO Register Cyprus, will be based on the provisions of the 5th European Directive (EU 2018/843) of the European Parliament and Council of 30 May 2018, concerning the prevention of money laundering and terrorist financing.
More information in regard of the UBO Register Cyprus and the relevant link for submitting the information, will be announced by the Department of Registrar of Companies, in due course.
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