The European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations (the ‘2021 Trust Regulations’) have recently come into effect in Ireland. By revoking and replacing the 2019 beneficial ownership of trust regulations, the 2021 Trust Regulations provide for the establishment of a Central Register of Beneficial Ownership of Trusts, maintained by the Revenue Commissioners. When the central register is established, the trustees of relevant trusts will have to make appropriate filings within a specific timeframe.

The 2021 Trust Regulations clarify that the types of express trusts to which the legislation applies are those whose trustees reside in the State, or which are administered in the State. Where the trustees are not resident in the EU and the trust is not administered in the EU, the new legislation applies if the trust enters a business relationship in the State or acquires land or other real property in the State.

In these cases, the trustees will have to obtain and hold accurate and current information in respect of the relevant trust’s beneficial owners, and file relevant information in the central register.

And specifically, in the 2021 Regulations the term ‘beneficial owner’ includes:

Any individual who is entitled to a vested interest in possession, remainder or reversion
The class of individuals in whose interest the trust is set up or operates
Any individual who has control over the relevant trust
The settlor, the trustee and the protector

For these subjects, the following information is required to be kept in the beneficial ownership register of trusts (the BOR):

Name
Date of birth
Nationality
Residential address
The statement of the nature and extent of the interest/control held
The beneficial owner’s PPS number.

Under the 2021 Trust Regulations, trustees are obliged, on request, to provide An Garda Síochána, the Revenue Commissioners, the Criminal Assets Bureau and any other “competent authority” with timely access to the BOR. The Regulations then permit competent authorities to disclose any information on the BOR to any corresponding competent authority of another requesting Member State.

SOURCE: www.irishstatutebook.ie