The Law Reviews

The Private Wealth & Private Client Review - 6th Edition

The Private Wealth & Private Client Review - 6th Edition


John Riches

At a macro level, the dominant trend affecting the private wealth arena in the last 12 months continues to be the impact of various supranational initiatives seeking greater transparency with respect to anti-money laundering regimes and tax information exchange. I propose to focus in this year’s introduction on the central importance of the concept of ‘beneficial ownership’ and the theme of convergence in the increasingly interconnected arenas of anti-money laundering policy and tax information exchange.

The clearest examples of this trend can be found in the introduction of centralised beneficial ownership registers, especially in the European Union and the Crown Dependencies and Overseas Territories of the United Kingdom (generally collectively referenced as CDOTs).

There are two specific manifestations of this:
a corporate beneficial ownership registers; and
b trust beneficial ownership registers.
In parallel, 2017 has witnessed the first substantive reporting by the first wave ‘adopters’ of the Common Reporting Standard (CRS) in the context of the 2016 calendar year.