The perils of gold plating

Simon McKie and Sharon McKie examine the additional burdens which will be placed on trustees if the Fifth Anti-Money Laundering Directive is transposed into UK law

Article 31 of Directive (EU) 2015/849 (the ‘Fourth Money Laundering Directive (MLD)’) imposed on each EU member state a duty to require certain categories of trustees to obtain and hold various information about their trusts and to submit information to a central register (the ‘Trust Register’) maintained by the member state. In obedience to that duty, the UK made regulations transposing the Fourth MLD into UK law (the ‘MLD Regulations’). 

The introduction of the UK Trust Register in June 2017 was fraught with teething difficulties and the requirement to register has proved very burdensome, adding substantially to the cost of trust administration.