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CIBA: Requests amendment of anti-money laundering legislation based on CJEU decision

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CIBA: Ζητα τροποποΙ&eta ;ση νομοθεσΙας κατΑ της νομιμοπ οησης εσoδων απo παρaνομες δρασ&tau ;ηριότητες στη βαση απόφασης του &Delta ;&Epsilon?Ε

Amendment of anti-money laundering legislation based on CJEU decision, CIBA requests – “The CJEU confirmed the lack of Appropriateness, Necessity and Proportionality of the measure of public access to the information in question”

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Proposal to amend the Cypriot Legislation on the Prevention and Combating of Money Laundering from Illegal Activities to be consistent with today's decision of the CJEU, the Cyprus Association of International Activities Companies addresses the competent Ministries in an announcement on Tuesday.

As reported by the legal advisors of the association L. PAPAFILIPPOU & SIA DEPE, the CJEU issued today a decision on Cases C‑37/20 and C‑601/20[1] WM and SOVIM SA regarding the Fifth European Union Anti-Money Laundering Directive, which was transposed into Cypriot Law with the Prevention and Combating of Money Laundering Law of 2007 as amended.

In particular, according to CIBA's legal advisors, the decision of the CJEU provides that public access, i.e. the general public, to the information of Individuals – Beneficial Beneficiaries of Companies and other Legal Entities, which have their headquarters in the territory of each Member State of the European Union, infringes the fundamental right to Respect for the Private Life of each such Person, which is guaranteed in Article 7 of the Charter of Fundamental Rights of the European Union while at the same time it constitutes an intervention in Article 8 of the Charter, regarding the protection of personal data.

Also, as mentioned, it decided, in a final way, that the provision of the European Union's Fifth Directive on Interference of Money Laundering with which the aforementioned public access is given, is legally void, even if the purpose is to combat money laundering and terrorist financing.

Source: cyprustimes.com

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