On 22nd  November 2022, the Court of Justice of the European Union (CJEU) has ruled that the public access to the Ultimate Beneficial Owners’ Registry is illegal as being disproportionate and contrary to the rights of privacy and protection of personal data under Articles 7 and 8 of the Charter of Fundamental Rights of the European Union, invalidating the relevant provision of the 5th AML Directive of the European Union. Kindly find attached the relevant CJEU Press Releases in Greek and English, the judgement is accessible at

https://curia.europa.eu/juris/document/document.jsf;jsessionid=6CB2215EB49F6237173B0F8A9D4F4211?text=&docid=268842&pageIndex=0&doclang=en&mode=req&dir=&occ=first&part=1&cid=1561324 (English) and https://curia.europa.eu/juris/document/document.jsf;jsessionid=6CB2215EB49F6237173B0F8A9D4F4211?text=&docid=268842&pageIndex=0&doclang=EL&mode=req&dir=&occ=first&part=1&cid=1561324 (Greek).

CIBA had noted with the legal assistance of L. PAPAPHILIPPOU & CO LLC the above possibility to the Parliamentary Committee of Finance on 19th February 2021, via e-mail, and also during the DAC6 Parliamentary related discussion.

To that effect CIBA calls upon the Ministry of Finance and the Ministry of Justice and Public Order as Heads of the Advisory Committee under the AML Law to prepare a draft legislation and presenting it before Parliament in order to alleviate the above – mentioned violation of the EU Law pursuant to the CJEU Judgement, and the Parliament to call an urgent meeting to discuss this very important issue in the presence of all the Stakeholders as well as the competent Departments of the Republic of Cyprus such as the Department of the Registrar of Companies and the Cyprus Securities and Exchange Commission (CySEC).

CIBA will continue to inform, with other Stakeholders, on the basis of legal arguments and not extraneous considerations concerning the need to uphold the application of the EU Law.

CIBA will be soon reverting with further information as to the above developments and steps.

CIBA-Press announcement 22_11_22 (ciba-cy.org)