Beneficial ownership registers—private clients and trusts
Beneficial ownership registers—private clients and trusts

The following Private Client practice note provides comprehensive and up to date legal information covering:

  • Beneficial ownership registers—private clients and trusts
  • Global developments towards beneficial ownership transparency
  • The PSC Register
  • Registration of overseas entities holding UK property
  • 4MLD beneficial ownership registers
  • What is the meaning of beneficial ownership under 4MLD?
  • 4MLD and the PSC regime
  • How does 4MLD apply to the beneficial ownership of trusts?
  • Fifth Money Laundering Directive (5MLD)
  • Brexit impact

FORTHCOMING CHANGE: The EU Fifth Anti-Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force on 9 July 2018. 5MLD introduces broader access to information on beneficial ownership of companies and trusts, and tighter controls on certain transactions. In particular, all express trusts (not just those with a UK tax liability in a particular tax year) need to be registered either with the Trusts Registration Service (TRS) (unless an exemption applies) or in an EEA state. The government ran a consultation from 15 April to 10 June 2019, seeking views on the transposition of 5MLD into national law, and the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 were laid before Parliament on 20 December 2019 and came into force from 10 January 2020. The consultation outcome and consultation responses were published on 23 January 2020. On 24 January 2020, the government published a further technical consultation on draft legislation making further amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 to transpose 5MLD in relation to trust registration. The consultation document looked in particular at the types of express trusts that are required to register with TRS under the extended rules and trusts which should be exempt. A summary of responses

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