Lawyers, Just Different
Public access to the Ultimate Beneficial Ownership (“UBO”) register is held invalid
The UBO Register is a product of the fourth anti-money laundering Directive (MLD 4)1 and the fifth anti-money laundering Directive (MLD 5)2 as part of the EU’s legislative programme for combating money laundering and terrorist financing, through the introduction of transparency in the ownership of companies. In addition to the register of UBOs kept by companies themselves, a Central Register was created. Under MLD4 access was granted only to public authorities and those who could demonstrate a “legitimate interest” in combatting money laundering and terrorist financing. Following the adoption of MLD5, access to the UBO Register was unrestricted and public access was granted.
Business Headquartering in Cyprus
Cyprus’s corporate, legal and regulatory environment alongside its wide network of tax treaties with EU and third countries are just some of the reasons why it is considered an attractive jurisdiction to locate corporate headquarters. In addition to the above the government has
Recognition and Enforcement of English Judgments in Cyprus post Brexit
There is a long-standing prevalence in cross border agreements of parties opting to resolve their disputes before the English courts.
Scope and Application of Cyprus Arbitration Laws
Introduction: In a recent arbitration case, the issue of the meaning of “Cyprus Arbitration Laws” as well as their scope and application has been considered.
A Synopsis of the Real Estate Market and Process in Cyprus
Being located at the heart of the Mediterranean Sea, blessed with unparalleled natural beauty and endless sunshine throughout the year, Cyprus has been renowned as an ideal location for building not only a holiday residence but a home for your family as well.
Cyprus’s IP Box Regime
Intellectual Property (hereinafter referred to as “IP”) is a term that includes a wide range of intangible creations of the human mind.
Q&A: GDPR in a glance
Almost three years have past since the General Data Protection Regulation (EU) 2016/679 (the “GDPR”) has entered into force. The GDPR is a European Union law that was implemented in May 2018, replacing the 1995 Data Protection Directive. It is essentially the bedrock of data protection and personal privacy rights and its main goal is the facilitation of a standardized legal framework that regulates and harmonizes the way personal data is safeguarded and upheld by organizations across the European Union (the “EU”).
Q&A on The Trade and Cooperation Agreement
On the 30th of December 2020, the United Kingdom (“UK”) and the European Union (“EU”) entered into the highly anticipated Trade and Cooperation Agreement, thus, bringing an end to a lengthy period of negotiation which was initiated back in March 2020. As of January 1st, 2021, the UK has lost the privileges it enjoyed as an EU Member State and its rights and obligations are now governed by the provisions of the Trade and Cooperation Agreement (the “Agreement”).
The EU’s Recovery and Resilience Facility
With 582 votes in favour, the Members of the European Parliament have approved and adopted the rules governing Europe’s renowned Recovery and Resilience Facility (the “RRF”). The RRF forms part of the €750 billion Next Generation EU recovery plan and has been dubbed as a key tool in curbing the pandemic’s devastating consequences.
Ultimate Beneficial Owner (UBO) Registers Implementation in Cyprus
As part in a chain of reforms proposed by the European Commission, in 2015 the European Union (the “EU”) adopted a modernised regulatory framework encompassing the Fourth Anti-Money Laundering Directive 2015/849 (the “AMLD IV”). The AMLD IV is a milestone in the Commission’s Action Plan to remedy the undoubtable shortcomings of Europe’s anti-money laundering framework evident by several money laundering cases and terrorist attacks.