Irish Trustees Now Have More Requirements to Satisfy: 4MLD
Ireland recently implemented the 4th EU Anti-Money Laundering Directive into national legislation, which has raised some questions about property trustees in Ireland. Going forward, Trustees of Irish express trusts are now obligated to enlist professional advice regarding the following duties:
- To obtain information from beneficial owners of trusts.
- To establish local registers of beneficial ownership.
- To make such registers available for law enforcement and customer due-diligence (CDD) purposes.
The regulation also now enforces certain legislative requirements regarding the historically unregulated and disorganised procedure for the declation of a trust over land.