Cyprus on January 4 activated the beneficial owners register, thus completing the transposition of the 4th AML Directive (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) into national law.
On March 16, details of thousands of companies domiciled on the island will be collected 16 to be entered in a so-called Ultimate Beneficial Owner (UBO) register – according to standards set by the EU directive. Every EU Member State in Europe is doing the same.
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