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.