Areas of Practice
27th Apr 2018
The provisions of Directive (EC) 2015/849 of the European Parliament and the Council of 20th May 2015, regarding the prevention of the use of the financial system for the legalization of proceeds from illegal activities or for terrorist financing (the “4th EU AML Directive”), have been transposed into Cypriot national legislation, through the amendment with effect as of 3rd April 2018 of the Prevention and Suppression of Money Laundering Activities Law, 2007-2016 (the “AML Law”).
It is noted that, among the actions which the Republic of Cyprus as a member state of the EU is obliged to take, under the 4th EU AML Directive, is the creation of central registers of the beneficial owners of companies and other legal entities and the beneficiaries of trusts. Matters pertaining to the creation, operation of and access to such registers are not specified in the AML Law and will instead be regulated in the context of regulations to be issued thereunder. It is not known at this stage when the relevant regulations will become available.
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