Today the EU Parliament voted for the proposal to introduce a European public register for trusts. Although this is part of their anti money-laundering plans, its practical implications extend far and wide and could transform the way that British individuals and families structure their affairs. British MEPs have been working to redress the balance in favour of more privacy in the directive since its initial EU vote in February. The language now used means it is possible that the information held on trusts will be published in proportion to the risk they pose. So, Member States may have the ability to determine what information is published.
However, the public register itself will indeed exist. So, what does this mean for you and your clients?
Withers has been at the forefront of this issue since its inception and in this Stop Press we examine the context of the milestone decision, and most importantly, offer solutions and alternative structures which will maintain the level of privacy trusts historically enjoyed.
Please click here to view the complete Stop Press.
Please do contact our team if you would like to discuss any of the issues covered.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.