A consultation exercise was launched in September 2016 on the government’s proposals to implement the EU’s Fourth Money Laundering Directive. Subsequently, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) came into force on 26 June 2017. They apply to a ‘relevant trust’, which is either:
•a UK trust which is an express trust; or
•a non-UK trust which is an express trust and either receives UK source income or has assets in the UK in respect of which it is liable to pay income tax, capital gains tax, inheritance tax, stamp duty land tax or stamp duty reserve tax.