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Cyprus plans to launch a register in coming months identifying the owners of thousands of companies on the island, lifting a veil of secrecy on opaque and complex corporate structures that campaigners say can help criminals seeking to hide their loot.
Cyprus to lift veil of secrecy with register of company owners reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
By Syndicated Content
By Michele Kambas
NICOSIA (Reuters) – Cyprus plans to launch a register in coming months identifying the owners of thousands of companies on the island, lifting a veil of secrecy on opaque and complex corporate structures that campaigners say can help criminals seeking to hide their loot.
Details of thousands of companies domiciled on the island, many thought to have Russian links, will be collected from March 16 to be entered in a so-called Ultimate Beneficial Owner (UBO) register.
Supporters say the register, a requirement of European Union anti-money laundering (AML) regulations, could be a game changer for Cyprus, which activists say has in the past been a magnet for those concealing wealth behind brass plate companies, lured by competitive tax rates.