In announcing the register the Cypriot Government said that companies would be given six months in order to collect all details on the natural person behind structures registered or serviced in the country.
The system went live in March and will be widely accessible by mid 2021, in accordance with the 5th MLD, offering varying levels of access dependent on the necessity of use. Access to the final system of the UBO Register will be available to the Government Authorities free of charge, and to the public at large at a fee of €3.50.
Natasa Peleidou, the Cypriot Commerce and Energy Minister said, in an online seminar to 2,000 stakeholders, “We must realize that recording accurate and up-to-date information about the real beneficiary is a key factor in locating criminals who might otherwise be hiding their identities behind a corporate structure,”
Cyprus on January 4 activated the beneficial owners register, thereby fully transposing the Directive Into local legislation, which is a great step for the integrity of the Cypriot (and inherently the global) financial system and a bolster for firms in both security and reputation.