Technical consultation: Fifth Money Laundering Directive and Trust Registration Service
Download the full outcome
Detail of outcome
This document summarises the responses received to the consultation seeking views on the expansion of the Trust Registration Service as required to transpose the Fifth Money Laundering Directive into national law. The government received 124 written responses and is grateful for all the responses received.
The proposed regulations were laid for consideration by the European Statutory Instruments committee in the House of Commons and the Secondary Legislation Scrutiny Committee in the House of Lords. The final regulations were laid in Parliament on 15 September 2020 and came into force on 6 October 2020.
Original consultation
Consultation description
In April 2019, the government held a consultation seeking views on transposing the Fifth Money Laundering Directive into national law.
The consultation ended on 10 June 2019 and the response was published on 23 January 2020.
The government is now holding a detailed technical consultation on extending the Trust Registration Service to include the draft legislation and proposals on the types of express trusts that will be required to register, data collection and sharing, and penalties.
The government is keen to ensure that the UK’s anti-money laundering and counter terrorist financing regime effectively deters such activity while remaining proportionate.
On this page, you can read the technical consultation document.
Documents
Last updated 9 November 2020 + show all updates
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Updated after the final regulations came into effect.
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Published the summary of responses and the outcome to the consultation.
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First published.