On 13 May 2022 the Cyprus Securities and Exchange Commission (“CySEC”) announced the launch of the online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (“CyTBOR”), which commenced operation on 17 May 2022.
This announcement follows the Directive on the Prevention and Suppression of Money Laundering and Terrorist Financing (Regulatory Administrative Act 257/2021) which provides information and guidance regarding the registration of express trusts and similar legal arrangements in the Trust Register that will be administered by CySEC.
The Directive applies within the framework of article 61C(4)(a) of The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (as amended) and it aims to enhance transparency in relation to the ownership and control of express trusts and similar arrangements.