Cyprus is preparing an electronic register of beneficiaries in accordance with EU requirements

Cyprus plans to implement an electronic register of ultimate beneficiaries of companies (UBO) by the end of September in order to comply with the requirements of the European Union. Cyprus is the only EU country where such a registry has not yet been created in electronic form. At the moment, the register already exists in written form, and now work is underway to digitize it. This project is financed by EU funds within the framework of the country’s reconstruction and development program.

The Cypriot private company that won the public tender is responsible for the creation and launch of the UBO electronic registry. Representatives of the company registration department assure that the work on the digital registry is almost completed, and its launch is expected on time. It will also be connected to the single European platform in December.

If the launch of the digital version of the registry is delayed, Cyprus could face fines and loss of funding from the EU. However, representatives of the department assure that they will not allow this and will comply with the deadlines.

In order to protect the rights to respect for private life and protect the personal data of citizens, the Court of Justice of the European Union decided in 2022 to restrict citizens’ access to the register of ultimate beneficiaries of companies operating in the EU. Access to the register will be limited and available only to public organizations of the EU member states, Europol and the Council of Europe Committee of Experts on the Evaluation of Measures to Combat Money Laundering (Moneyval).

Brussels believes that a single European platform, which will collect data on the ultimate owners of companies registered in the EU, will help fight terrorist financing, money laundering and tax evasion.