The Ultimate Beneficial Owner Register Act (WiEReG) was approved by the National Council at the end of June and by the Federal Council at the beginning of July. The Act implements key parts of the 4th European Anti – Money Laundering Directive, which provides for the introduction of a register of ultimate beneficial owners throughout the EU. The registration authority is established at the Austrian Ministry of Finance. The ultimate beneficial owners of companies (thus also of complex corporate structures), other legal entities and certain trusts must be registered.
More transparency or more bureaucracy ?
