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STEP Hungary Conference Budapest 24 April 2014

STEP Hungary Conference Budapest 24 April 2014. Richard Pease Geneva richard.pease@bluewin.ch. The Regulation of Trustees and The Registration of Trusts A Swiss Perspective. The Regulation of Trustees. Why regulate? Regulation in the UK and offshore jurisdictions

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STEP Hungary Conference Budapest 24 April 2014

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  1. STEP Hungary ConferenceBudapest 24 April 2014 Richard Pease Geneva richard.pease@bluewin.ch The Regulation of Trustees and The Registration of Trusts A Swiss Perspective

  2. The Regulation of Trustees • Why regulate? • Regulation in the UK and offshore jurisdictions • Regulation in Switzerland • Proposals of the Swiss Association of Trust Companies (www.satc.ch)

  3. Supranational Standards of Regulation (FATF) Recommendations 26 and 28 of the Financial Action Task Force: “Countries should ensure that financial institutions are subject to adequate regulation and supervision…” “Designated non-financial businesses and professions should be subject to regulatory and supervisory measures…”

  4. Supranational Standards of Regulation (EU) Article 36 of the 3rd EU Anti-Money Laundering Directive: “Member States shall provide that …. trust and company service providers shall be licensed or registered”

  5. Registration of Trusts (1) • Should trusts be registered? • If so, what information should be registered? • To whom should such information be available?

  6. Registration of Trusts (2) Recommendation 25 FATF: “Countries should ensure that there is adequate, accurate and timely information on express trusts, including information on the settlor, trustee and beneficiaries, that can be obtained in a timely fashion by competent authorities”

  7. Registration of Trusts (3) Interpretative Note to Recommendation 25 FATF: “Countries are encouraged to ensure that relevant authorities, persons and entities hold information on all trusts with which they have a relationship. Potential sources of information on trusts, trustees and trust assets are: • Registries (e.g. a central registry of trusts or trust assets). • Other competent authorities that hold information on trusts (e.g. tax authorities). • … lawyers or trust and company service providers.”

  8. Registration of Trusts (4) Article 30.2 of the 4th EU Anti-Money Laundering Directive: “Member States shall ensure that trustees of any express trust governed under their law obtain and hold adequate, accurate and current information on beneficial ownership regarding the trust. This information shall include the identity of the settlor, of the trustee(s), of the protector (if relevant), of the beneficiaries, and of any other natural person exercising effective control over the trust.”

  9. Registration of Trusts (5) • On 11 March 2014 the European Parliament voted 643 to 30 in favour of a revision to the EU Anti-Money Laundering Directive that would require the ultimate beneficial owners of companies and trusts to be listed in public registers in EU countries. • The next step is for the EU Parliament to work out details of the legislation with the EU Commission and the Council of Ministers.

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