Revised AML rules give clarity to property trusts

Earlier this week Ed Balls, Economic Secretary to the Treasury, revealed he had written to the Law Society, STEP, and other trade bodies and financial supervisors, agreeing to revise the regulations in relation to the term ‘beneficial ownership’. STEP had raised concerns in January when it commissioned an opinion by two leading Counsel on how the regulations relating to trusts, and the term ‘beneficial ownership’ could be applied to everyday trusts. Following the opinion, which claimed the term was “unworkable” under UK law, STEP says it has been working in tandem with the Treasury to f...