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| 20 Oct 2021 | |
| Charity Sector News |
Recent updates to European Anti-Money Laundering legislation now requires a Central Register of Beneficial Ownership of Trusts (CRBOT) to be established in each EU Member State. This register, managed by Revenue, will contain details of relevant trusts and their beneficial owners. This is similar to existing regulations whereby companies (including charities) must file details of their beneficial owners/controllers on rbo.gov.ie.
If your charity's governing form is a trust, this legislation may be relevant to you, and you may need to refer to the CRBOT website for guidance on how to access the register, and other requirements. Cii has worked closely with Revenue on this matter and we would refer you to their Frequently Asked Questions, which also includes information specific to charities. It is also possible to contact Revenue directly on trustregister@revenue.ie for further clarification.
In addition to this, Mason Hayes & Curran hosted a webinar on this topic on Thursday, October 21st 2021. This covered the specific impact on charities, and what measures are needed to ensure compliance.
Annelies Coghlan, our Education & Governance Manager is a member of the Trust Register Working Group, and you can contact her for more information.
