Technical consultation: Fifth Money Laundering Directive and Trust Registration Service
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Technical consultation: Fifth Money Laundering Directive and Trust Registration Service
The changes introduced by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, implementing the Fifth Money Laundering Directive, came into force on 10 January 2020 but did not include changes required to the registration of the beneficial ownership information of trusts. The government is now holding 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.
See here.
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