IK Law firm shall draft the Regulations for the Central register of Beneficial Owners
Pursuant to the 4th Anti Money Laundering Directive (EU Directive no. 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing), the Cyprus AML legislation was amended in order to provide for the establishment of a Central Register of Beneficial Owners for companies and other legal entities. Further amendments on the scope and interconnection of EU Member States’ central registers were introduced by the 5th Anti Money Laundering Directive (EU) Directive no. 2018/843).
Pending the adoption of other enabling legislative provisions in Cyprus, our Law Firm was awarded by the Cyprus Registrar of Companies the contract for the legal drafting of the necessary regulations and other statutory instruments regulating the operation of the Central Register. This legal drafting project will extend to a 52-weeks’ time period.
Confirming our industry leadership and experience in the sector of legal drafting and public law, we shall advise the Registrar of Companies and the other public authorities involved, consult with interested parties and draft the regulations and other instruments.
The legal drafting Team is led by Partner Michail Kamperis.