BERLIN (dpa-AFX) – The family businesses are pushing for better protection of their data stored in the German transparency register, which is intended to prevent money laundering and terrorist financing. Greater requirements should apply in the future for viewing this information. This is the result of a report by the Foundation for Family Businesses and Politics, which was published on Monday. According to this, a “legitimate interest” should be proven if, for example, journalists, non-governmental organizations or private individuals want to gain insight into the data. They should also be registered online and submit an affidavit of their interest.
According to EU law, every citizen who holds more than 25 percent of a company must be registered with the transparency register as the beneficial owner. With this, Germany is implementing an EU directive on combating money laundering and terrorist financing. Non-listed companies must enter their main owners or holders of voting rights in the register, including their date of birth, nationality and place of residence.
Every company is affected by the reporting obligation, explained the Foundation for Family Businesses and Politics. In Germany alone, one million GmbHs would have to provide the transparency register with information on ownership. However, with its decision of November 2022, the European Court of Justice (ECJ) strengthened the data protection of entrepreneurs. The general public should therefore no longer have unlimited access to sensitive data of the beneficial owners.
The legal opinion prepared for the foundation points out that, in combination with other data that companies are obliged to publish, outsiders can gain deep insights into company management and private life. “Protective mechanisms must take effect here,” said Rainer Kirchdörfer, board member of the foundation./sk/DP/jha