Various amendments to the MLRs were made in the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations. Some are already in force, with others yet to take effect
- some of the changes were minor technical changes
- most of the changes were consequent on Brexit and were all in effect by the end of the transition period
- on 6 April 2021 Regulation 7(2)(a) takes effect: changes had already included in the list of trustees and settlors considered resident in the UK non-UK trusts that are express trusts whose trustees acquire an interest in land in the UK or enter into a business relationship with a person covered by the MLRs where at least one trustee is so resident, and which is not otherwise excluded, or the trust is an EEA registered trust. Now there will be an additional definition of an EEA registered trust. The new provisions set out the timing of, and information required in, submissions to HMRC
- on 10 March 2022 Regulations 5 and 7(4) will come into force: These requirements insert a new version of Regulation 30A to add to the existing requirement to report discrepancies in registers the requirement to report to HMRC discrepancies relating to trusts subject to registration under the MLRs, and a requirement on HMRC to make accessible certain information from the register to those with a legitimate interest.