For or against the registration of trusts — why it matters

The EU Parliament has voted to introduce a trust registry as part of new anti-money laundering provisions. This feature explains why the registry idea misses the point and why it has wider implications for EU citizens, whether or not they use trusts.

For decades, the EU has been at the forefront of fighting money laundering. Ordinary citizens may not be aware of the exact content of the rules, but there is no doubt that everyone’s life is affected by them. Anyone who has opened a bank account or retained a solicitor or accountant in the last 10 years will be able to tell you of the need to produce the original or certified copy of a passport and a proof of address. These so-called ‘know your client’ rules are generally perceived as mild inconveniences that are needed to protect the integrity of the financial system against fraudsters and money launderers. In general, these rules are seen as necessary and proportional to the objective they are trying to achieve.

So why would the proposed introduction of trust registers be any different? …

Click on the link below to read the rest of the Withers briefing.

Briefings from Withers

  • Family law revolution

    22 April 2014 marked ‘the largest reform of the family justice system any of us have seen or will see in our professional lifetimes’, according to the president of the Family Division.

  • A day out with the Charity Tax Group

    Withers’ Graham Elliott discusses the points he found most interesting from this year’s Charity Tax Group annual meeting.

View more briefings from Withers

Analysis from The Lawyer

Browse This Firm’s

Overview

16 Old Bailey
City of London
London
EC4M 7EG
UK

Turnover (£m): 117.80
No. of Lawyers: 307