The Private Wealth Regulatory Team at Forsters advises trustees, other fiduciary service providers, companies and individuals on their reporting obligations under the UK's ever increasing regulatory framework, and the global reporting issues that they also need to consider, in relation to the trusts and other wealth-holding structures they create and manage.
This area is becoming increasingly complex and the penalties for non-compliance, both financial and reputational, are significant.
Relevant rules and regulations include (but are not limited to):
- The Common Reporting Standard (CRS)
- FATCA (the US's Foreign Account Tax Compliance Act)
- The Trust Registration Service (TRS)
- Economic Crime Act: Register of Overseas Entities (ROE)
- Economic Crime Act: Unexplained Wealth Orders
- EU and OECD mandatory disclosure rules
- The Register of Persons with Significant Control (PSC register)
- The provisions of 5AMLD as they apply to certain industries (e.g. the art industry, cryptocurrency etc.)
The team advise on all relevant issues, including the information that affected persons must collect, maintain and report, and the form that reporting should take. They also advise on how to proceed when there has been a complete or partial failure to report appropriately.
Please note that we do not advise financial services firms or institutions in relation to their own regulatory obligations as governed by the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA).
Forsters' Private Client practice is top ranked in the latest editions of The Chambers HNW Guide.
UK Companies and LLPs must record details of their beneficial ownership and file the details with Companies House. The information must be kept up to date.
The start of 2021 has had its ups and downs. However, the New Year brought some welcome news for lawyers, accountants and other professionals in the UK working on cross-border transactions and other arrangements, and for their clients.
The EU Fifth Anti-Money Laundering Directive (5AMLD) was enacted into UK law with effect from 10 January 2020. It requires art businesses to put in place systems intended to prevent their potential use in money laundering or for various other offences (in addition to those systems already required under the Proceeds of Crime Act 2002)..