Cyprus demands businesses name their true owners on new registry

The move puts Cyprus in line with European Union regulations designed to combat money laundering, organised crime and other illicit activities.

A new digital registry obliging Cyprus-based companies to declare their true owners puts the east Mediterranean island nation in line with European Union regulations against “terrorism” financing and organised crime, the country’s commerce and energy minister said on Tuesday. Natasa Pilides said the new registry, which went online last month, bolsters transparency in what is often a murky web of false fronts behind which money laundering and other illicit activities can take place. “Recording the correct and updated information regarding the true beneficiary is instrumental in tracking down criminals who would otherwise conceal their identity behind a company structure,” said Pilides.