Stricter Regulations for Trustees & Beneficiaries in the Isle of Man

By in

The Council of Europe’s Experts on the Evaluation of Anti-Money Laundering Measures & Financing of Terrorism (or Moneyval for short) have released a recommendation for The Isle of Man to amend its Equity and Trust legislation.

The change is being made in response to the organisations money laundering guidance which suggests that Trustees of assets and wills should consider obtaining hard copies letter of wishes or other relevant documentation of the trust to assist in confirming the trust’s true beneficiaries or potential beneficiaries.