Money Laundering Regulations 2017—impact on trustees
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
  • Relevant persons
  • 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
  • Trustees’ obligations to register taxable relevant trusts with HMRC
  • Action points for trustees
  • More...

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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