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Money Laundering Regulations 2017 for Pension Trustees

Trustees of occupational pension schemes will be subject to additional compliance duties under new money laundering regulations which will effective from on 26 June 2017. The most immediate duties relate to record-keeping and to provision of information when entering into a transaction/business relationship with parties (such as banks/some advisers) that are required to carry out money laundering checks. Additional HMRC reporting requirements could be more burdensome, but require further clarification.

Duty to maintain records

Trustees will have to keep records that can also be made available to law enforcement agencies and the UK Financial Intelligence Unit. This record should be of all the beneficial owners of the trust including, in relation to each of the beneficiaries, their name, national insurance number/taxpayer reference, date of birth, and role in relation to the trust. The records must also include a contact address for the trustees and the full name of any advisers who are being paid to provide legal, financial or tax advice to the trustees in relation to the trust.

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Social media in litigation

On 10th March 2017, In Monroe v Hopkins [2017] EWHC 433 (QB) There was a high profile libel claim for defamatory statements made on Twitter which provides a study on how to apply the law of defamation in the social media age and highlights risks (and opportunities) that litigants or potential litigants should manage relating to use of social media. In the defamation claim against Ms. Hopkins, Ms. Monroe alleged that the tweets conveyed the meaning that she had either vandalized a war memorial during an anti-government protest, or condoned such behaviour. The High Court accepted the second meaning advanced by Ms. Monroe, and found the tweets to have caused “serious harm” to her reputation.

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30 June 2017
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