Private client practitioners face a complex new compliance element for the Fifth Money Laundering Directive (5 MLD), after the Trust Registration Service (TRS) expansion went live on 1 September, and includes some seemingly arbitrary rules.

With all express trusts required to register on TRS, even though not taxable, unless within the exclusions in Sch 3A of the Regulations those exclusions are critical but at times appear to draw random lines. I hope to shed some light on that line-drawing.

The big news for practitioners, is that we can now register all those “registerable express trusts” we’ve been waiting to register since the regulations came into effect about a year ago, on 6 October 2020. We have 12 mo...

To continue reading

This article is part of our subscription-based access. Please pick one of the options below to continue.

Already registered? Login to access premium content

Not registered? Subscribe