Trust or Company Service Providers (TCSPS): Why are TCSPs included in MLR2007?
Trusts and companies can be used to launder the proceeds of crime. Persons who control trust and company structures may be able to maintain a degree of anonymity. Elaborate inter connecting structures can be put in place so that the details of who controls a trust or company’s assets is not readily apparent. They can also be used to disguise or conceal the source of criminal money or assets. TCSP businesses provide the services listed in MLR3C10410 and enter into a business relationship with clients. Through this relationship they may gain access to information that could give them reason to suspect money laundering or terrorist financing activity.