Brief Information: WiEReG - Compulsory Fines Postponed

The Economic Owners Register Act (WiEReG) is not making headlines, but this time there is one. Good news. The BMF, as the registration authority under the WiEReG, informed in mid-May that the first round of the automated coercive sentencing proceedings on the Moved to August 16, 2018 will. Consequently, filing the initial notification after June 1, 2018 and by August 15, 2018 will lead to No penalty for anyone.

The reasons for the postponement are the extremely intensive use of the WiEReG registration forms in recent times, and the related performance problems, as well as the increased number of requests from the registry authority due to the Interpretation of the law often still Uncertainties To distinguish between the mandatory penalties and the drastic punitive measures for intentional or grossly negligent violation of the reporting obligation - this involves financial offenses punishable by a fine of up to €200,000 for intent.

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