The following Private Client guidance note provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE: The EU Fifth Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force on 9 July 2018. The directive introduces broader access to information on beneficial ownership of companies and trusts, and tighter controls on certain transactions. The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 transpose 5MLD into UK law (apart from in relation to the registration of trusts) and are in force from 10 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 updated trust registration requirements are due to apply from 10 March 2020 in accordance with 5MLD. The consultation document looks in particular at the types of express trusts that will be required to register with TRS under the extended rules and specifies certain types of trust as being out of the scope of registration. This is covered further below in this Practice Note. See also Practice Note: Fifth Money Laundering Directive—what’s changed? and News Analysis: Transposition of Fifth Money Laundering Directive into UK law—the pensions impact.
BREXIT IMPACT: As of exit day (31 January 2020)
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