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wirtschaftlich berechtigt

English translation: to be the beneficiary owner (of assets, a company etc.)

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21:51 Oct 31, 2006
German to English translations [PRO]
Bus/Financial - Law: Contract(s) / banking
German term or phrase: wirtschaftlich berechtigt
"Aufgrund der Informationen ist anzunehmen, dass an obigen Vermögenswerten folgende Personen wirtschaft berechtigt sind.

Economically justified? Perhaps, but that seems to result in an awkward sentence. "Financially qualified" exists in Kudoz but may not apply in the context of justifying the existence of a (Swiss) bank account. - Perhaps "economically qualified" or "financially justified" as a compromise? (But I do not like compromises!)
swisstell
Italy
Local time: 12:14
English translation:to be the beneficiary owner (of assets, a company etc.)
Explanation:
This is a technical term widely used in connection with the financial market and money laundering and indicating the person or company that gets the financial benefit out of a company which might be registered in the name of another person or entity. It has nothing to do with justified, qualified, or entitled.
Selected response from:

M-A-Z
Local time: 12:14
Grading comment
I think you gave the real impulse to the discussion although my further investigations would give Richard B. the nod for BENEFICIAL OWNER(ship)
3 KudoZ points were awarded for this answer

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Summary of answers provided
5 +2beneficially entitledxxxAdrian MM.
1 +5economically entitled
Derek Gill Franßen
5to be the beneficiary owner (of assets, a company etc.)M-A-Z
2 +3hold an economic interestgangels
4being legally entitled to the (capital) assets
Parzival


  

Answers


6 mins   confidence: Answerer confidence 1/5Answerer confidence 1/5 peer agreement (net): +5
economically entitled


Explanation:
...not quite a compromise, but it may work here.

Derek Gill Franßen
Germany
Local time: 12:14
Specializes in field
Native speaker of: English
PRO pts in category: 615

Peer comments on this answer (and responses from the answerer)
agree  Armorel Young
18 mins

agree  Teresa Reinhardt
23 mins

agree  Mihaela Boteva
53 mins

agree  Uta Kappler
1 hr

disagree  M-A-Z: Sorry, but this is a set phrase in German, where the literal meaning of the single words does not coincide the overall meaning of the phrase. See my comment below
2 hrs
  -> Just because somebody is "berechtigt" does not make them an owner (despite your unwavering confidence). ;-)

agree  Raghunathan: has an "economic interest" on the assets. "folgende personen" implies there are other guys who have interest on the same property. Hence he cannot be an owner of the asset
8 hrs

agree  Camilla Seifert
8 hrs

neutral  Richard Benham: Sorry, Derek, but this doesn't make a lot of sense.
10 hrs
  -> I value your opinion, Richard - there is no need to be sorry. :-)

neutral  Kieran McCann: I feel this is a calque on the German expression: http://newsweaver.co.uk/bnainternational/e_article000483793....
16 hrs
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2 hrs   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): +3
hold an economic interest


Explanation:
On the basis of available information it can be assumed that the following persons hold an economic (financial?) interest in the above-referenced assets

gangels
Local time: 04:14
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in category: 321

Peer comments on this answer (and responses from the answerer)
agree  Raghunathan
6 hrs

agree  Richard Benham: [...]"*have* a beneficial interest in the above assets". "Above-referenced" is not English[...]//What evidence that the persons are "referenced" rather than just named! Why use a long and incorrect barbarism when a 5-letter word coveys the meaning better?
7 hrs
  -> Above-referenced (or 'above-captioned') is routinely used in US legal documents, my good man

agree  Trans-Marie
8 hrs

neutral  M-A-Z: To me this sounds like an official sharing of ownership and profits. What is being said is, however, that several persons obtain benefits even if the official owner is, let us say, a company
15 hrs
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2 hrs   confidence: Answerer confidence 5/5
(an etw.) wirtschaftlich berechtigt sein
to be the beneficiary owner (of assets, a company etc.)


Explanation:
This is a technical term widely used in connection with the financial market and money laundering and indicating the person or company that gets the financial benefit out of a company which might be registered in the name of another person or entity. It has nothing to do with justified, qualified, or entitled.


    Reference: http://www.google.de/search?hl=de&as_qdr=all&q=+%22beneficia...
    Reference: http://www.google.at/search?hl=de&as_qdr=all&q=+%22wirtschaf...
M-A-Z
Local time: 12:14
PRO pts in category: 7
Grading comment
I think you gave the real impulse to the discussion although my further investigations would give Richard B. the nod for BENEFICIAL OWNER(ship)

Peer comments on this answer (and responses from the answerer)
disagree  Richard Benham: The term is "beneficial owner", but I don't think it is the appropriate concept here anyway.
7 hrs

agree  xxxAdrian MM.: I'd call beneficially entitled
9 hrs

agree  Kieran McCann: "beneficial owner" or "have a beneficial interest"
13 hrs

disagree  yieto: Isn't a benefici*al* owner a Nutzungsberechtigter? I'm worried that you're changing the intended meaning--it'd be nice to have a specific, concrete reference instead of generic Google listings, as well.
22 hrs
  -> See my comment above: It's a set phrase with a set meaning (not Nutzungsberechtigter). If you read the Englisch and German Google hits, you'll find that the meaning coincides.
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12 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
being legally entitled to the (capital) assets


Explanation:
The loot is theirs too!

Parzival
South Africa
Local time: 12:14
Specializes in field
Native speaker of: Native in GermanGerman
PRO pts in category: 105
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11 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +2
beneficially entitled


Explanation:
M-A-S is right. Wirtschaftlich in this case means literally economically, but ultimately entitled - in 'actual practice ' - to the proceeds or ownership.

Sadly, the KudoZ glossary entries are misleading.



--------------------------------------------------
Note added at 19 hrs (2006-11-01 17:11:06 GMT)
--------------------------------------------------

M-A-Z raises, unfortunately, a redundant point about a preposition being needed after entitled:

Definition. 21. Protection of purchasers from beneficiary ... (4) Where a *person beneficially entitled* is a patient in a psychiatric facility
www.e-laws.gov.on.ca/DBLaws/Versions/Statutes/English/90e22...

Example sentence(s):
  • parties in accordance with the applicable anti-money laundering regulations. ... Who will be *beneficially entitled* to the shares; and ...

    Reference: http://www.proz.com/kudoz/48994
    Reference: http://global.vanguard.com/international/common/pdf/frm_subs...
xxxAdrian MM.
Local time: 12:14
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 572

Peer comments on this answer (and responses from the answerer)
agree  Kieran McCann: Could I ask for several other offences to be taken into account, m'lud?
4 hrs
  -> A fine accountant's perspective.//Yes. Cormicormurrigat!

agree  yieto: Clarifies the problem and provides good references. / I also agree on the preposition issue.
13 hrs
  -> Thx. Though a member of the Chancery Bar, I couldn't persuade M-A-Z about the redundant prep.
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