header-logo header-logo

Home Login E-newsletter About us
13 December 2007 / Michael Furness , Emily Mckechnie
Issue: 7301 / Categories: Features , Banking , Commercial
printer mail-detail

Trust to the future

© Copyright LexisNexis 2026. All Rights Reserved.

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

Read All
Sponsored by
London Solicitors Litigation Association—John McElroy

London Solicitors Litigation Association—John McElroy

Fieldfisher partner appointed president as LSLA marks milestone year

Kingsley Napley—Kirsty Churm & Olivia Stiles

Kingsley Napley—Kirsty Churm & Olivia Stiles

Firm promotes two lawyers to partnership across employment and family

Foot Anstey—five promotions

Foot Anstey—five promotions

Firm promotes five lawyers to partnership across key growth areas

NEWS
Read All
NLJ this week: Divorce ‘nuclear weapon’ freezes assets but entangles outsiders
Freezing orders in divorce proceedings can unexpectedly ensnare third parties and disrupt businesses. In NLJ this week, Lucy James of Trowers & Hamlins explains how these orders—dubbed a ‘nuclear weapon’—preserve assets but can extend far beyond spouses to companies and business partners 
NLJ this week: What counts as ‘rent’? Court says labour alone won’t do
A Court of Appeal ruling has clarified that ‘rent’ must be monetary—excluding tenants paid in labour from statutory protection. In this week's NLJ, James Naylor explains Garraway v Phillips, where a tenant worked two days a week instead of paying rent
Your magistrates’ court needs you!
Thousands more magistrates are to be recruited, under a major shake-up to speed up and expand the hiring process
NLJ this week: Freed but failed—justice system leaves the innocent empty-handed
Three men wrongly imprisoned for a combined 77 years have been released—yet received ‘not a penny’ in compensation, exposing deep flaws in the justice system. Writing in NLJ this week, Dr Jon Robins reports on Justin Plummer, Oliver Campbell and Peter Sullivan, whose convictions collapsed amid discredited forensics, ‘oppressive’ police interviews and unreliable ‘cell confessions’
NLJ this week: Clarity on whistleblowing, settlements and tribunal limits
A quiet month for employment cases still delivers key legal clarifications. In his latest Employment Law Brief for NLJ, Ian Smith reports that whistleblowing protection remains intact even where disclosures are partly self-serving, provided the worker reasonably believes they serve the ‘public interest’ 
Copyright © 2026 LexisNexis
back-to-top-scroll