The Money Laundering and Terrorist Financing (Amendment) Regulations 2022 will come into force on March 9, 2022. The changes include the need to register certain low-risk trusts and changing the extended trust registration period.
“The registration deadline for trusts newly required to register has been deferred until 1 September 2022, and the time limits for trustees to inform HM Revenue & Customs (HMRC) of changes to the information held on the register is extended to 90 days. Certain types of life insurance trusts that payout only on death, serious illness or disablement are added to the list of excluded trusts, as are bank accounts held on behalf of minors or adults who have lost capacity” – write step.
Debate in the House of Lords over the amendment led to responsible minister Baroness Penn explaining the government’s view of expanding trust registration, which was originally motivated by the EU’s Fifth Money Laundering Directive (5AMLD). “This instrument will amend the money-laundering regulations as they relate to trust registration, to ensure that the regulations strike the appropriate balance between providing an effective anti-money laundering tool for law enforcement and minimizing the administrative burden on those who use trusts for legitimate purposes,” she said.
What other jurisdictions are there for setting up a trust? For example, Nevis. Since 1994, Nevis has become a leading international trust jurisdiction, offering the user simplicity and flexibility in a complex and business-friendly regulatory environment.
