New Transparency Register for Beneficial Owners of Private Entities

On June 26, 2017 a new Anti-Money Laundering Act (Geldwäschegesetz – hereinafter: “GWG”) entered into force in Germany, implementing the 4 th EU Anti-Money Laundering Directive No. 849/2015 of May 20, 2015 (the “Directive”). In general the new GWG reinforces the risk based approach.  Of central importance of the new GWG is the establishment of the so called “Transparency Register” regarding ultimate beneficial owners of all non-listed legal entities.

Read more>