The new Economic Ownership Register (WiEReG) represents a further step in the fight against money laundering and tax fraud. The EU Member States have a register of beneficial owners of certain legal entities to set up. For beneficial owners, all natural persons are owned or controlled by a legal entity.
name and surname, place of residence, date of birth and place of birth as well as nationality are to be reported. It is also necessary to report whether it is a shareholder or a member of the management. Representatives of the parties (including notaries, lawyers, tax consultants) must respect these reporting obligations against their customers. The violation of the reporting obligations is subject to high financial penalties. The notifications must be reimbursed for the first time until 1 June 2018.