Potential impact of the Draft Money Laundering Regulations 2007 on trusts |
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Authors: | Darling, Helen Hill, Katherine |
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Affiliation: | * Helen Darling and Katherine Hill, Macfarlanes, London. |
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Abstract: | Representative bodies, including the Law Society of Englandand Wales and the Society of Trust and Estate Practitioners,have raised concerns on the Draft Money Laundering Regulations2007 released on 22 January. They are intended to implementthe Third European Money Laundering Directive in England. However,many are fearful about the impact of Part 2 of the Draft Regulationswhich deals with customer due diligence (CDD) and, in particular,how the requirements will apply to trusts. |
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