Money Laundering

The fourth Anti Money Laundering Directive was endorsed by the European Parliament in May.

This imposes on national Governments a requirement to create a register of the ultimate “beneficial” ownership of corporate and other legal entities, such as Trusts. In addition there will be a reporting obligation on Banks, Auditors, Lawyers and Real Estate Agents to report “suspicious transactions” made by their clients.

The register of ownership will be accessible by Government Authorities and other persons or organisation who can demonstrate a “legitimate interest” in suspected money laundering or terrorist financing.

There will be an increased responsibility on Lawyers acting for “politically exposed persons” and their family members to establish source of wealth and funding for the particular transaction.

Member States have two years to transpose the directive in to their national Laws.

For more information on Trusts please contact a member of our Private Client team

Eastbourne: 01323 727321

Meads: 01323 407577

Hailsham: 01323 841481

Polegate: 01323 487051