What Companies (and Start-ups) should know about WiEReG

28 September 2017,   By   

On the 15th of January 2018, the Austrian law on Economic Ownership Register (wirtschaftliche Eigentümer Registergesetz – WiEReG) enters into force. The purpose of this register is to make ultimate beneficial owners transparent and verifiable and preventing money laundering and terrorist financing. The European Union ascertained a need to identify any natural person who exercises control over a legal entity. Europe argues that the need for up-to-date information on the beneficial owner is a key factor in tracing criminals who might otherwise hide their identity behind a corporate structure. WiEReG is implementing in Austria the European Directive 2015/849, also known as Fourth Money Laundering Directive. From the beginning of 2018, all direct or indirect ultimate beneficial owners with shares of more than 25% in an Austrian legal entity are to be entered into the new register.

 

What has to be registered?