CYFA would like to inform its members that Association representatives attended on Tuesday the 30th July 2024 a meeting called by the Committee of Energy, Commerce, Industry & Tourism at the House of Parliament to discuss the current issues and problems faced in relation to the implementation of the UBO Registry system. During the meeting industry stakeholders expressed their concerns on the practical issues associated with the overall procedure currently followed and the high fines imposed. Following relevant discussions, the matter is to be resumed by the Parliamentary Committee in September 2024 with the aim of improving the current UBO Registry framework.
CYFA will continue to keep its members informed of any further developments.
It is noted that each member is obliged to comply with the circulars/guidelines/announcements of the relevant authorities and regulators. Any information contained in this notification/announcement, or any other notifications/announcements or circulars should be assessed on its own merits.
