UK GOVERNMENT CLARIFIES AML TRUST REGISTRATION REQUIREMENTS

On 23 July, an article from Out-Law was concerned with the UK government having confirmed that trust vehicles including registered pension schemes, life insurance policies and registered charitable trusts will be exempt from new registration requirements being brought in under AML rules. This follows a consultation held earlier this year on the changing requirements for trusts to register beneficial ownership information. In addition to the original list of exempt trusts, which included charitable trusts and pension trusts, other structures such as will trusts only receiving assets from an estate are also exempt from the regulations.

https://www.pinsentmasons.com/out-law/news/uk-anti-money-laundering-trust-registration

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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