The UK trusts register – the impact on non-UK trustees
On 22 June 2017, as one of its first pieces of business, the new UK Parliament enacted the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (The Regulations). The Regulations implement Directive 2015/849/EU, the EU’s “4th Anti-Money Laundering Directive”, and took effect on 26 June 2017. Contained within the Regulations are provisions regarding a national “register of trusts”. Such national registers have been demanded by various EU Member States and institutions.
The register is not limited to trusts that are tax resident in the UK. Trustees resident outside the UK where there is some UK connection such as a UK-resident/domiciled settlor or beneficiary or an underlying asset in the UK need to check whether they are under an obligation to register and maintain records. They also need to be aware of the information that will need to be submitted to HM Revenue & Customs (HMRC) in order to register, and the privacy implications this may have for the settlor, beneficiaries or other persons connected with the trust.
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This briefing note was written by Mark Summers. For more information please contact Mark at email@example.com or on +41 (0)43 430 02 40 .