Insider dealing and money laundering etc

Application of money laundering regulations to overseas trustees
34
1
Schedule 2 to the Sanctions and Anti-Money Laundering Act 2018 (money laundering and terrorist financing: further provision about section 49 regulations) is amended as follows.
2
In paragraph 22(2) (extra-territorial application of section 49 regulations: meaning of “United Kingdom person”)—
a
in paragraph (b), omit the “or” at the end, and
b
after paragraph (c) insert
, or
d
a person—
i
who does not fall within any of paragraphs (a) to (c), and
ii
who is a trustee with links to the United Kingdom (see paragraph 22A).
3
After paragraph 22 insert—
22A
1
Sub-paragraphs (2) and (3) have effect for the purposes of paragraph 22(2)(d).
2
A person who is a trustee of a trust has links to the United Kingdom if—
a
any property subject to the trust is situated in the United Kingdom,
b
a trustee of the trust enters into a business, professional or commercial relationship with a relevant person, or
c
the income of the trust includes income which, directly or indirectly, is from a source in the United Kingdom.
3
A person who is a trustee of a trust also has links to the United Kingdom if—
a
at least one other person is a trustee of the trust,
b
the other trustee (or at least one of the other trustees if the trust has more than two trustees) is resident in the United Kingdom, and
c
a person makes, at a time when the person is resident in the United Kingdom, a gift of property which becomes subject to the trust.
4
In this paragraph “property” has the meaning given by section 436 of the Insolvency Act 1986.