Murray Beith Murray is a leading Scottish private client law firm.
For over 170 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
Setting up a trust is one of the most tried and tested methods for protecting assets. It can be an important wealth management tool and critical element in prudent succession planning.
Notwithstanding Brexit, the EU 5th Anti Money Laundering Directive (5MLD) must now be implemented by the UK Government and has a significant impact on trusts. Changes include an extension to the range of trusts that must be registered and a requirement for trusts to share certain information on publicly accessible registers. In this post, we look in more detail at the changes introduced by 5MLD and how UK trusts might be affected.
With Brexit looming, now may be a more appropriate time than ever to review your succession planning, and make changes before the UK leaves the European Union.
The 4th Anti-Money Laundering Directive took effect in the UK on Monday 26 June and introduces new procedures that must be followed when carrying out Anti-Money Laundering checks. The legislation has the effect of increasing the requirements for identification checks on trusts in particular and makes it a requirement that trusts are registered.
