Money Laundering Regulations 2017—impact on trustees

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

  • Money Laundering Regulations 2017—impact on trustees
  • Background to Money Laundering Regulations 2017
  • Application of MLR 2017 to trusts and trustees
  • Requirement to register for supervision for anti-money laundering purposes
  • Record-keeping and disclosure of beneficial ownership information by trustees
  • Trustees’ record-keeping obligations
  • Disclosure of beneficial ownership information
  • Brexit impact

Money Laundering Regulations 2017—impact on trustees

Background to Money Laundering Regulations 2017

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 form part of the UK’s overall anti-money laundering and counter-terrorist financing regime. They came into force on 26 June 2017 to give effect to the EU’s Fourth Anti-Money Laundering Directive Directive (EU) 2015/849 (4MLD) and have since been significantly extended by the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (MLR 2020), SI 2020/991, which implement the EU’s Fifth Anti-Money Laundering Directive Directive (EU) 2018/843 (5MLD) in relation to the registration of trusts. The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 were also made to transpose 5MLD into UK law, and these regulations dealt with provisions other than those relating to the registration of trusts. MLR 2017, SI 2017/692 replaced the Money Laundering Regulations 2007, SI 2007/2157.

In September 2016, HM Treasury issued a Consultation on the transposition of the Fourth Money Laundering Directive. On 15 March 2017, HM Treasury issued a further consultation giving an outline of the responses submitted and the government’s policy decisions following the 2016 September consultation. This second consultation was accompanied by draft Money Laundering Regulations 2017. The consultation closed on 12 April 2017 and the final version of the legislation was published on 22 June

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