5MLD exemption – Is a charity a trust?

Published by Susan Robinson on 5 February 2020

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Charities are to be granted an exemption from the Fifth Money Laundering Directive (5MLD).

Is a charity a trust? This might not seem an important question in the general scheme of things, but it nearly became very important when considering the scope of the Fifth Money Laundering Directive (5MLD).

This could have forced all Charitable Trusts to register with the government’s new trust registration service. More “red tape” and increased admin for in many cases, already resource stretched Charitable Trusts

Fortunately, following lobbying from sector bodies, a technical consultation launched recently has said: “Charitable trusts are not in scope to register because the risk of these kind of trusts being used for money laundering or terrorist financing activity is low”.

The technical consultation focuses on what other types of trust will be out of scope of registration. The consultation closes on 21 February 2020.

We will continue to monitor this. Sign up to our complimentary Charity and not-for-profit Pathfinder newsletter. 

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