THE 5th EU AML DIRECTIVE – THE NEW TRUST REGISTRATION REQUIREMENT AND WHAT IT MEANS FOR BUSINESS

On 25th June, Clifford Chance published a briefing which says that the new Directive will require trustees of express trusts to register information on the beneficial ownership of the trust in a central national register and in a major change from the current rules, the new rules will apply to all express trusts – new and pre-existing – not just those that have tax consequences.  This briefing explains how the new rules work and what steps corporate trustees and other businesses should be taking now.

https://www.cliffordchance.com/briefings/2018/06/the_fifth_eu_anti-moneylaunderingdirective.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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