The UK government has published its consultation response on EU Fifth Anti-Money Laundering Directive (5AMLD) clarifying what it will mean for UK trust registration services (TRS).
In the documents released by the UK, it has clarified its views on when a non-UK resident trust needs to register for the UK TRS where there is a UK business relationship.
It states that this will only apply where there is at least one UK resident trustee. This means for trusts with solely non-UK resident trustees, there will be no obligation to register just because the trust has a relationship with a UK business (such as with a UK investmen...