New Trustee Rules in Court Rulings Threaten Non-Resident UK Trustees

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Recent obligations imposed by an UWO (an unexplained wealth order) may conflict with the trust confidentiality laws in established in offshore jurisdictions. The England and Wales Court of Appeal’s decision regarding the UWO issued to Ms Zamira Hajiyeva qizi (an expatriate in the UK originally from Azerbaijan) may put trustees of trusts in these jurisdictions in a difficult position, state officials have commented.

UK Law Firm Farrer says that the recent ruling demonstrates that it will not be easy to challenge a UWO and may cause concern to many international investors and other relevant high-net-worth individuals, as neither the UWO defendant nor the property need be located in the UK, and can now be mutually possessed.