Briefly noted: Germany introduces transparency register to fight money laundering

November 16, 2017 Leave a comment
The German legislator has recently amended the Anti-Money Laundering Act, implementing European rules to more effectively prevent money laundering and terrorist financing.

One important new feature of the Act is the introduction of a national central transparency register, showing which natural person(s) stand behind certain legal entities as their beneficial owner, to the extent this information is not already electronically retrievable from other German public registers, such as the commercial register.

The new verification and registration obligations apply for all private legal entities and registered partnerships and, thus, nearly all legal forms, as well as foundations, and legal arrangements similar to trusts to the extent that the administrator’s or trustee’s residence or registered office is in Germany. Violations may penalized since 1 October 2017 with fines of up to EUR 1,000,000.

More details can be found in a brief fact sheet (available here) compiled by our colleague Fabian Christoph, who is also happy to answer any further questions on this topic.

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Felix Hilgert

Felix Hilgert

Senior Associate at Osborne Clarke
Felix is a lawyer with Osborne Clarke's IT Team in Cologne, where he acts for companies of all sizes, from start-ups to market leaders.

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