The Cyprus House of Representative approved on 18 February 2021 the Prevention and Suppression of Money Laundering and Terrorist Financing (Amendment) Law of 2021, which provides for the implementation of the 5th EU Anti-Money Laundering (AML) Directive. One of the key aspects of the 5th EU AML Directive is the expanded scope of required beneficial ownership registers and available access, including:

• The Companies' Register, which will be open to the public with relevant specified information made available;
• The Express Trusts and Similar Legal Arrangements Register, which will not be open to the public in general but may be accessible to those who can prove their legitimate interest; and
• The Register of other legal entities, such as, clubs, foundations, federations, and unions, which will be open to the public with relevant specified information made available.

In addition to the beneficial ownership register requirements, the 5th EU AML Directive includes various other obligations and requirements to strengthen the existing framework to prevent and combat money laundering and terrorist financing.

Following the approval of the implementing Law, the Cyprus Registrar of Companies announced that the collection of relevant information from companies and other legal entities will begin on 16 March 2021.