The new German Anti-Money Laundering Act (“Geldwäschegesetz” or “GwG”) came into force on 26 June 2017. According to the new law, legal entities governed by private law must obtain, hold, update and submit information about their beneficial owners to the German transparency register without delay. Helmut Taubert, legal partner at MSI’s German multi-disciplinary member firm ADKL, provides further insight into the new obligations and reporting requirements related to the German transparency register.
The obligation to notify the transparency register applies to all legal entities governed by private law as well as to registered partnerships (section 20(1) GwG). This includes all corporations (“AG”, “SE” and “GmbH” or “UG”), commercial partnerships (“OHG”, “KG”, “Partnerschaften”) as well as foundations with legal capacity, associations, cooperatives and professional partnerships. The notification obligation also applies to administrators of trust, the trustee of foundations without legal capacity, whose purpose is a vested interest, as well as trustees of similar structures (section 21 GwG) provided that the administrator’s or trustee’s residence or registered office is in Germany. Civil law partnerships pursuant to the German Civil Code (“GbR”) are not affected by the new law.