Important Trust Information
August 10, 2021
Important information regarding trusts following the new Money Laundering Regulations
Under the new 2020 Money Laundering Regulations, all existing UK express trusts will have to be registered, unless explicitly exempted. This is the case even where the trust was set up many years ago when these rules did not apply.
Trustees will have until 1st September 2022 to register such trusts.
It is thought most UK charitable trusts will be exempt, as may be Will trusts subject to some specific rules. Bare Trusts are not exempt.
If you are a Trustee you should urgently review your Trust to ensure it is fully compliant. Financial penalties and sanctions can be applied by HMRC to Trustees who fail to comply with reporting obligations.
If you need further help or advice please contact us.
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