It is shown that spontaneous CP-violation and natural flavor conservation can occur in the SU(2)L × U(1)y model based two Higgs doublet and one Higgs singlet fields with a Z3 discrete symmetry. Physical C-nonconservation is purely due to scalar-pseudoscalar mixings. In order for this to be a major source of CP-violation a light spin-0 boson of mass less than 10 GeV is required. The ``see-saw'' mechanism can be implemented to generate small neutrino masses. The model implies a relatively large electric dipole moment for charge leptons and a small value for ∊' ∊.