Germany’s Beneficial Ownership Register

Germany’s newly mandated beneficial ownership register for all companies, including multinationals, could be made available to the general public following lawmakers’ approval of key changes to a bill facilitating adoption of the EU anti money-laundering and tax-avoidance directives.

Attorneys say the March 31 move by the upper-house of Parliament, the Bundesrat, struck a fair compromise between transparency and business interests—financial lenders would now be able to use the new beneficial ownership register to vet clients, an application that was unclear in previous drafts.

Financial institutions would also be able to operate without fear of reprisal if information in the register about a potential client turns out to be incorrect, an upside for business.

“If you make it public and everyone can see it, then why ask more from the financial institutions than what everyone else is asked to believe? I think that’s a fair compromise” said Oliver von Schweinitz, a partner specializing in tax law with GGV law firm in Hamburg, told Bloomberg BNA in an April 4 telephone interview.

“Germany’s beneficial ownership register set for public access”, complete article: Bloomberg BNA

With quotes from Dr. Oliver von Schweinitz. Er berät Unternehmer und Unternehmen an den Standorten Hamburg und Frankfurt im nationalen und internationalen Steuerrecht sowie im Wirtschafts- und Immobilienrecht.

Spezialgebiete Bankaufsichtsrecht (Trennbankengesetzgebung, Dodd-Frank-Act), Besteuerung von offenen und geschlossenen Fonds, Immobilien- und Immobiliensteuerrecht, Private Equity, Recht des Informationsaustausches (QI, FATCA, CRS), Wirtschafts- und Steuerrecht – auch im Kontext mit US-Recht.

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