UK TECHNICAL CONSULTATION: FIFTH MONEY LAUNDERING DIRECTIVE AND TRUST REGISTRATION SERVICE

On 24 January, HMRC and HM Treasury have launched a detailed technical consultation on extending the Trust Registration Service to include the draft legislation and proposals on the types of express trusts that will be required to register, data collection and sharing, and penalties.  This followed a consultation seeking views on generally transposing the Fifth Money Laundering Directive into UK law.  The consultation closes on 21 February.  The TRS was created following the 4th AML Directive and is used to register taxpaying trusts and estates. It is important to note that trusts required to register under the 4th AML Directive, such as for trustees to submit a trust tax return, will continue to do so on the existing TRS system.

https://www.gov.uk/government/consultations/technical-consultation-fifth-money-laundering-directive-and-trust-registration-service

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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