header-logo header-logo

Trust to the future

13 December 2007 / Michael Furness , Emily Mckechnie
Issue: 7301 / Categories: Features , Banking , Commercial
printer mail-detail

Michael Furness QC and Emily McKechnie examine how the new money laundering and trusts regime will affect those offering advice and services to trustees

Many professional and business activities will be affected by the Money Laundering Regulations 2007 (SI 2007/2157) (the regulations), which come into force on 15 December 2007. One area which has caused particular difficulty in drafting the regulations is that of advice and other professional services provided to trusts and trustees.

The regulations implement the Money Laundering Directive 2005/60/EC. The “relevant persons” they apply to include credit and financial institutions, auditors, accountants, tax advisers and insolvency practitioners, independent legal professionals, trust or company service providers, estate agents and high value dealers. Most of these might do business with trustees.

BENEFICIAL OWNER

The regulations introduce customer due diligence (CDD) procedures, obliging the relevant person to identify his customer and the “beneficial owner”, where the customer is different. The customer must be not only identified, but his identity verified by documents, data or information from a reliable and independent

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
In this week's NLJ, Steven Ball of Red Lion Chambers unpacks how advances in forensic science finally unmasked Ryland Headley, jailed in 2025 for the 1967 rape and murder of 75-year-old Louisa Dunne. Preserved swabs and palm prints lay dormant for decades until DNA-17 profiling produced a billion-to-one match
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
back-to-top-scroll