UK Moves To Finalize Trusts Registration For AML Rules
Law360, London (July 16, 2020, 12:19 PM BST) -- The government has inched closer to finalizing a new set of registration requirements for British trusts in its push to write the European Union's anti-money laundering regulations into domestic law.
HM Treasury and HM Revenue and Customs said Wednesday that they have finalized proposed legislation setting out tougher rules on which trusts have to be registered with the government's Trust Registration Service. The body keeps a formal register of trusts and assets as the U.K. implements European Union anti-money laundering regulations.
The new rules are part of the EU's newest rules for cracking down on dirty money, known as the Fifth...
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