On January 15, 2018, the National Council passed the Beneficial Owners Register Act – WiEReG, Federal Law Gazette I No. 136/2017. The purpose of this is to enforce the disclosure of the (true) beneficial owners of Austrian legal entities in a (public) register and is primarily intended to combat money laundering activities and terrorist financing.

 

Against this background, every legal entity covered that does not fall under the opening clause of Section 6 WiEReG must report to the register by June 1, 2018 at the latest, and we will be happy to support you.

The (true) beneficial owners of Austrian legal entities must be reported by June 1, 2018, otherwise the authorities will face penalties in the amount of: EUR 100,000.00 in the event of negligent failure to report, as well as up to EUR 200,000.00 in the event of intentional violation of the reporting obligation. Further details can be found in our current newsletter.

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