Dear Clients and Associates,

We hereby would like to inform you the following in relation to the establishment of the Beneficial Owners Register of corporate and legal entities:

On 16^th of December 2020 the Council of Ministers voted the “Prevention and Suppression of Money Laundering and Terrorist Financing (Amendment) Law of 2021”, which harmonizes and strengthens National Law with the 5th European Directive (EU 2018/843, 30th May 2018), on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing activities.

One of the basic provisions of the Amendment Law is regarding the establishment, maintenance and operation of a Beneficial Owners Register for corporate and other legal entities, by the Registrar of Companies and Official Receiver.

As a result of the decision, the Department of ROC announced that the collection of the relevant data shall commence on 16^th of March 2021 and from this date, all companies will be granted a period of 6 months (until 19^th of July 2021) for registration of the information about their UBOs.

However, it is important to note that access to the intermediate system is only available to competent authorities, upon request to the ROC. Therefore, the UBO information to be entered into the intermediate system shall not be publicity available.

All the information collected will be subsequently transferred to the platform solutionwhich is going to be developed in the second half of 2021 and access to it will be based on the provisions of the 5^th European Directive (EU 2018/843) of the European Parliament and of the Council of 30 May 2018, concerning the Prevention of Money Laundering and Terrorist Financing.

More detailed information regarding the Cyprus UBO Register will be shared once additional clarifications are provided by the ROC.

For and behalf of

MARICORP CYPRUS CONSULTANCY LTD