Technical Briefing Note for non-UK trustees following the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the Regulations”) implementing the EU Fourth Money Laundering Directive.
The Regulations were laid before Parliament on the 22nd June 2017 and came into force on the 26th June 2017. The Regulations place some onerous duties on certain non-UK trustees of relevant non-UK trusts which require reports to be made to HMRC.
This Technical Briefing Note for Non-UK Trustees is intended to make it easier for relevant trustees to understand what the Regulations say and to provide a checklist of the information to be maintained and disclosed to HMRC in the appropriate circumstances. These Regulations have extraterritorial effect because they impose obligations on trustees who are outside of the UK jurisdiction.
For solutions to these issues, please contact a member of the Rooks Rider Solicitors’ Wealth Planning team.
