So far, Trust Funds in the Czech Republic have not been obliged to be entered in any public register, and since the status quo has often been disputed for its lack of transparency, a respective register is to be established as of 1.1.2018.
All trust funds, then, will have the obligation to join the register – those set up after the 1 January, 2018, will be established after they have been entered into the register, the older ones are obliged to be added in a six-month period under the penalty of being liquidated. The data entered are mainly the name of the fund, identification of its manager, the date of its origin and, most importantly, the beneficiary of the fund – until they are not registered, no supplies may be performed.
It should be noted that not all the entered data will be public – for instance the fund’s founder’s and beneficiary’s identification is to be kept secret to general public with only state authorities and/or persons with substantiated legal interest will be allowed to get to know them.
The state’s means of supervision of the trust funds are to become more severe in other respects, too, as the Anti-Money Laundering Act amendment will become effective in January, 2018, as well. It brings about a register of “real possessors”, into which the real owner of the fund (i.e. the physical person exerting decisive influence over the fund) will have to be entered by the fund manager.