The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLR 2017) were passed in the U.K. in June. Part of the legislation requires certain trustees to maintain a register of “beneficial ownership information” for use by HM Revenue & Customs. This information will be available to law enforcement agencies in the U.K. and upon request to European Economic area states. Generally, trusts subject to taxation in the UK and intentionally created by a settlor are the trusts specifically targeted by the new law. Though the penalties for failing to register are yet unclear, trustees affected by the regulations need to take precautionary measures to ensure compliance.
See Sam Thompson, The Trust Beneficial Owner Register, Wealth Management.com, December 5, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
