CySEC updates trust ownership rules as Cyprus faces shipping, drought and property developments

Nicosia, Cyprus. The Cyprus Securities and Exchange Commission has issued an amending directive on anti-money laundering rules for the registry of ultimate owners of express trusts and similar legal arrangements. Separate reports addressed mental health support for Filipino seafarers, Europe’s worsening drought and property market growth in Larnaca.

CySEC regulatory directive

The Cyprus Securities and Exchange Commission (CySEC) published a new amending regulatory directive updating the anti-money laundering framework governing the registry of ultimate owners for express trusts and similar legal arrangements.

The update, officially designated Regulatory Administrative Act 243/2026, was enacted by the financial watchdog’s board to streamline compliance and access rules for the national beneficial ownership database.

The measures exercise statutory powers granted to CySEC under section 61C of the Prevention and Suppression of Money Laundering and Terrorist Financing Law, which has been amended several times between 2007 and 2025.

Support for seafarers’ families

Filipino seafarers and their families are being offered specialist workshops to manage psychological pressures linked to constant connectivity.

Cyprus-based Mental Health Support Solutions (MHSS) managing director Mariana Charalambous and clinical psychologist Karen Ibanez said problems at home were increasingly following crew members onboard.

While improved internet access has allowed seafarers to remain in regular contact with loved ones during their contracts, MHSS psychologists said constant connectivity was also creating psychological pressures for which many families were unprepared.

Mental Health Support Solutions, a member of OneCare Group, has introduced digital communication hygiene workshops to help families develop healthier communication habits, determine which matters require immediate discussion and identify issues that can wait until seafarers are able to respond.

Drought warning

Europe’s worsening drought is disrupting agriculture, inland transport and energy production, according to Morningstar DBRS.

In an analysis of extreme weather during the summer of 2026, the credit ratings agency said successive heatwaves and below-average rainfall had resulted in widespread drought conditions and intensified water shortages in parts of Europe.

Morningstar DBRS said the warning was particularly significant for water-stressed Cyprus and climate-sensitive sectors including agriculture and tourism. It added that droughts were becoming more frequent and severe globally, while research increasingly showed they caused substantial financial damage.

Larnaca property market

Larnaca led Cyprus’ property market during the second quarter of 2026, recording the strongest growth in apartments and offices.

The city also posted gains in houses and warehouses.