Date added: : 24.02.2020

In order to combat money laundering, the Cypriot authorities have decided to create a register of beneficiaries, which will be controlled by the Department of Registration and Liquidation of Enterprises.

From January 1, 2020, law enforcement authorities, the tax inspectorate, banks, registration agents, MOKAS and other competent authorities of Cyprus can access the data on account holders and companies as part of the audit of new customers.

Information about the owners will not be public, at the moment the issue of the list of institutions to which full access will be granted and the approval of the list of bodies that will need to be granted special permission is being decided.

For the full functioning of the registry, it is necessary to finalize the technical base and amend the Cyprus law "On Companies".

It is planned that the register of beneficiaries will be maintained by the Cyprus Exchange and Securities Commission. The registry is scheduled to start functioning in March 2020.

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