Michelle Robinson reviews the Fifth Money Laundering Directive, setting out which trusts will be required to register and deadlines for the provision of information to HMRC
The final regulations enacting the EU’s Fifth Money Laundering Directive (5MLD) into UK law took effect from October 2020. As a result, registration will be required by a significantly greater number of trusts than under the existing trust register, which was set up to comply with the Fourth Money Laundering Directive (4MLD). In addition, information held on the 5MLD trust register will be more widely available to the public than it is under 4MLD.
This article summarises key points with regard to the 5MLD trust register and focuses on which trusts will be required to register and the extent to which information will be publicly available.