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ARTICLE · 23 OCTOBER 2017

Global Transparency And Trusts

Bircham Dyson Bell LLP
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The drive towards global transparency to tackle terrorism, money laundering and tax evasion moves forward increasingly quickly.

United KingdomGovernment, Public Sector
Carolyn O'Sullivan
Carolyn O'Sullivan
Hamish Frost
Hamish Frost

The drive towards global transparency to tackle terrorism, money laundering and tax evasion moves forward increasingly quickly.

Whilst the fight against these activities is to be welcomed, what is perhaps less welcome is the compliance burden which trustees now face.

As reported by Helen Ratcliffe in our last issue of Individual Matters this drive has resulted in recent years in many new disclosure initiatives which affect trusts including FATCA, trust reporting for trusts with a French connection, and PSC Registers. All this has resulted in a plethora of acronyms!

Here we look at two further developments which impact on trusts: the need to obtain an LEI (which gives us yet another acronym), and the implementation of the new Trust Register with HMRC.

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