- Implementation of MLD5 for trusts—the pensions impact
- What are the pensions implications of the consultation response and regulations?
- What is the background?
- What are the key measures of the consultation response and regulations?
- What are the next steps?
Pensions analysis: On 15 July 2020, HM Treasury published its response to the technical consultation which ran from 24 January 2020 to 21 February 2020 seeking views on how the Fifth Money Laundering Directive (MLD5) was to be transposed and how certain processes could work for the expanded Trust Registration Service (TRS). On the same day, HM Treasury laid some regulations, the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020, which implement the MLD5 changes made in response to the technical consultation and fix deficiencies that would otherwise have arisen at the end of the Brexit implementation period. This News Analysis considers the pensions aspects of both the consultation response and the regulations.
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