On 24 January 2020 HM Revenue & Customs (HMRC) and HM Treasury published a technical consultation “Fifth Money Laundering Directive and Trust Registration Service”. The consultation outlined how the government intended to implement changes to the Trust Registration Service (“TRS”) as required by the Fifth Money Laundering Directive (“the Directive”). The government sought views and evidence on the extension of TRS including the draft legislation and proposals on the types of trusts that will be required to register, on processes for data collection and sharing, and on penalties.
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