Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
Yiota Georgiou and Ioannis Sidiropoulos, associates of our firm, have published an article in STEP magazine discussing the creation of a register of ultimate beneficial owners (UBOs) in Cyprus.
Cyprus
Yiota Georgiou and Ioannis Sidiropoulos, associates of our firm,
have published an article in STEP magazine discussing the creation
of a register of ultimate beneficial owners (UBOs) in Cyprus.
The UBO Register is a system devised to provide transparency
and, a stable and up to date database where every company, or any
other legal entity incorporated in Cyprus, shall be required to
maintain adequate information on its beneficial owner. The article
presents important relevant provisions of the currently applicable
European framework in Cyprus (the Fourth Anti-Money Laundering
Directive) and also refers to the possible starting date of the
register's application.
Moreover, the article provides an insight into the Fifth
Anti-Money Laundering Directive (5AMLD) which will be transposed
into Cyprus law on 10 January 2020. The 5AMLD requires Member
States to make significant enhancements to the requirements
surrounding UBO Registers such as, for example, the provision of
public access to the registers.
Finally, the authors propose that, considering the time frame
for the implementation of the UBO and trust registers in line with
the European requirements, it is of high importance that interested
parties maintain market and legal awareness.
Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
