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News / New sweeping blanket requirement to register nearly all UK connected trusts under Fifth Anti-Money Laundering Directive

14-07-2021 / Private wealth, Tax

Whilst the Fifth EU Anti-Money Laundering Directive (5MLD) came into force on 6 October 2020 with little fanfare, the impact it will have on trusts with a UK connection could well be dramatic. In essence, the 5MLD implements a number of strict anti-money laundering requirements; a number of which have now been extended to nearly all trusts including non-taxpaying trusts, which to date were exempted from such reporting.