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ARTICLE · 22 FEBRUARY 2014

Public Register On EU Trusts?

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On Thursday, 13th February 2014, the European Parliament will vote on the 4th Money Laundering Directive.

European UnionGovernment, Public Sector
Filippo Noseda
Filippo Noseda
Patricia Milner
Patricia Milner
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On Thursday, 13th February 2014, the European Parliament will vote on the 4th Money Laundering Directive. An important feature of the current proposals is the suggestion to establish a public register for all trusts held in the EU. If this is implemented, it will be the first time that a lot of information about assets held on trust will be made publically available.

The traditional approach to Anti-Money Laundering

Until recently, anti-money laundering initiatives have about compelling financial intermediaries to hold information about their clients. Traditionally, this has also applied to trusts. Thus, under the 3rd Money Laundering Directive (2005/60/EC), any professional 'assisting in the creation, operation or management of trusts, companies or similar structures' is covered by the EU money laundering requirements (Art. 1(3) of the Directive).

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