Irelands Enacts Beneficial Trust Ownership Act

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The European Union Beneficial Ownership of Trusts (Anti-Money Laundering) Regulations 2019 was enacted in Ireland last week, which means that going forward, all trustees of express trusts have the legal burden to prepare and maintain a list of beneficiaries for whom the trust is being held. The lists will be available for viewing by Irish state authorities, with other bodies being able to apply to view the trust beneficiary details for the purposes of customer due-diligence. The lists must also show what type of assets are being held and their source of origin.