England & Wales 1
Abstract
Trusts & Trustees, Vol. 14, No. 1, February 2008 In Focus England & Wales1 T oby Graham, Partner and Head of Contentious T rusts and Estates, Farrer & Co Introduction This section compares law and practice of various jurisdictions in particular areas. We use the Q&A format familiar to readers of the World Trust Survey, but the In Focus section asks for more detailed answers than in the Survey. We start with two unrelated subjects, topical to readers in both England and Wales and offshore jurisdictions. The subjects are anti money laundering and trusts and divorce. In this issue we set the scene and deal with the position in England and Wales. Future issues will see how these subjects are approached in other important jurisdictions. Legislation What legislation exists within your jurisdiction for the identification and verification of beneficial owners? In particular: i. Does the legislation apply to trust and company service providers? ii. Does it apply to other intermediaries? Which ones are within the scope of the legislation? iii. What activities of trust and company service providers and other intermediaries are within the scope of the legislation? The Money Laundering Regulations 2007 are poorly crafted, with resultant