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Regulatory Blog

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Cyprus issues Guidance for its Beneficial Ownership Register
On 12 April 2022, the Cyprus authorities published a Guidance for the interim solution of the Beneficial Ownership (BO) Register, providing information aiming to assist users in filing the relevant BO information onto the interim system solution that has been developed to facilitate the collection of data for the BO register.
Expert Review: Episode two – Beneficial owner concept: Alternative perspectives
In this second episode, Head of Luxembourg Tax and Regulatory Andrew Knight and guest expert Paolo Panico, explore the way the beneficial owner concept has evolved and how in practice its meaning has been stretched beyond a true interpretation of the term, in particular in the context of companies held by trusts. Paolo is a prolific writer and speaker on the topic and is editor of the publication titled Beneficial Ownership Registers, The STEP Handbook for Advisers.
Cyprus prolongs the time for filing Beneficial Owner data
On 1 March 2022, the Cyprus Authorities announced that the submission period of Beneficial Owners’ data to the Beneficial Owners register is extended to 31 July 2022.
MONEYVAL publishes follow-up report on Cyprus anti-money laundering
On 13 January 2022, the Council of Europe’s Committee of Experts on Money Laundering and Terrorist Financing (MONEYVAL) published its first follow-up report on the progress made by Cyprus since its prior 2019 initial report, which placed the jurisdiction under an enhanced follow-up programme. The follow-up report examines progress made in implementing new requirements relating to the Financial Action Task Force’s globally renowned 40 Recommendations since the prior review.
Cyprus announces exemptions to the public UBO register for companies under liquidation
On the 13 December 2021, the Cypriot competent authorities announced that companies which have filed an application to be struck from the Register before 12 March 2021, or where their liquidation has begun prior to 12 March 2021, will be exempt from the obligation to make a filing under the Beneficial Owners register.
FATF’s public consultation on Beneficial Ownership
The Financial Action Task Force (FATF) is considering proposals for amendments to Recommendation 24 and its Interpretive Note on the transparency and beneficial ownership of legal persons. After a White Paper consultation in June-August 2021 on a number of key policy areas, FATF analysed the views received from various stakeholders in considering potential amendments. In its consultation document just published, it proposes a number of amendments designed to reinforce the Recommendation and achieve greater transparency on the beneficial ownership of legal persons.
CIFA reminds its members about the Cyprus Beneficial Ownership Register
On 15 October 2021, the Cyprus Investment Funds Association (CIFA) reminded the industry about the Registrar of Companies directive on the operation of the Central Registry of Real Beneficiary Companies and other Legal Entities (UBO Register). Among other things, it stipulates that all companies that have been set up or registered based on the Companies Law as well as European public limited liability companies (SE) and partnerships have an obligation to register their beneficial owners in the UBO Register before the deadline expires in March 2022.
Cyprus requires beneficial ownership details for partnerships
On 6 August 2021, the Department of Registrar of Companies announced that following a legal opinion from the Attorney General, all partnerships registered in the Registrar of Companies pursuant to article 50 of the General and Limited Partnership and Business Names Law (Cap. 116) are obliged to enter their beneficial ownership details onto the beneficial owner system.
Enforcement action under the BVI Economic Substance regime - ITA determinations of non-compliance 09 June 2021
Our BVI economic substance team has put together an overview of the process under which we are beginning to see the BVI International Tax Authority (ITA) determining that a BVI company or limited partnership may have been non-compliant with the economic substance regime requirements during the first financial period (typically June 2019 to June 2020, with reporting submitted by December 2020).
Cypriot Registrar of Companies commences the collection of information for the Beneficial Ownership Register
The Cypriot competent authorities have announced the establishment of the central register of the beneficial owners (BOs) of companies and other legal entities, to the extent that they are registered with the Department of Companies and Official Receiver (Registrar). The officers of Cypriot entities are obliged to identify and record electronically on the beneficial owner register (BO Register) the required information of the BOs of such entities.
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