UK CONSULTATION: FIFTH MONEY LAUNDERING DIRECTIVE AND TRUST REGISTRATION SERVICE – SUMMARY OF RESPONSES AND DRAFT REGULATIONS

On 15 July, HM Treasury published a summary of responses received to the consultation seeking views on the expansion of the Trust Registration Service as required to transpose the EU 5th Money Laundering Directive into UK law. The consultation closed on 21 February, and the relevant Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 are being considered by the relevant committees of Parliament. The main changes which would be made to expand the scope of the register, and require that information on the register is made available in certain circumstances to those with a legitimate interest. The other changes concern correspondent banking, reporting of discrepancies in beneficial ownership information, CDD on publicly-listed companies, the use of confidential information, registration deadlines for some firms and directions to cryptoasset businesses

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

 

 

 

 

 

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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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