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HMRC internal manual

Money Laundering Regulations: Compliance

Trust or Company Service Providers (TCSPS): Professional Trustees and Money Laundering risks

Correctly operated, trusts serve a legitimate purpose but in the wrong hands they can be useful vehicles for the purposes of money laundering and other financial crimes. The complex nature of some trusts can create a confusing financial smokescreen that hides audit trails so that the source of funds cannot be traced. The establishment of trusts in offshore locations makes it possible to move funds offshore efficiently and anonymously. Trusts may be linked to other trusts and companies creating a confusing web that hides the ultimate beneficiaries. As a result trusts are likely to be attractive to criminals.