HM Treasury has published a document summarising the responses received in respect of its technical consultation on the Fifth Money Laundering Directive and, in particular, the expansion of the UK's Trust Registration Service (TRS) to include a wider range of express trusts (not just those with tax consequences, as is currently the case): see here. Draft Regulations - The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 - have also been published: see here.
The Government has set a registration deadline of 10 March 2002 for existing trusts to register (or update their records if they are already registered on the TRS).Wednesday, 22 July 2020
UK: Expanding the Trust Registration Service
HM Treasury has published a document summarising the responses received in respect of its technical consultation on the Fifth Money Laundering Directive and, in particular, the expansion of the UK's Trust Registration Service (TRS) to include a wider range of express trusts (not just those with tax consequences, as is currently the case): see here. Draft Regulations - The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 - have also been published: see here.
The Government has set a registration deadline of 10 March 2002 for existing trusts to register (or update their records if they are already registered on the TRS).
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