Changes to EU money laundering rules are likely to mean advisers will have to check the identity of trust beneficiaries before the trust can be set up, it is understood.
Following HM Treasury’s publication of a 108-page consultation and Regulatory Impact Assessment (RIA) on the draft regulations which have to be implemented by 15 December, the Society of Trust and Estate Practitioners (Step) warns the regulations as they stand are unworkable. STEP says it has discovered “key sections are meaningless under UK law”, and says the government must now “re-consider and provide clear and unambiguous legislation on trusts”. It argues the implementation of the regulations could put millions of family trusts and billions of pounds worth of City investment is at r...
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