Section 84A

to give effect to the FATF Recommendations concerning transparency and beneficial ownership; and

to give effect to the Global Forum requirements concerning information on ownership and identity, the keeping of accounting records, and access to such information and records.

provide that a trustee of a relevant trust must obtain information on the identity and particulars of each person who is —

a relevant trust party of the relevant trust or an effective controller of the relevant trust party; and

an agent of, or a service provider to, the trust, including any investment adviser or manager, accountant or tax adviser;

provide that a trustee of a relevant trust must maintain and keep up‑to‑date, for such period as may be prescribed, a record of the identities and particulars of the persons mentioned in paragraph (a)(i) and (ii);

provide that a trustee of a relevant trust must maintain and keep up‑to‑date, for such period as may be prescribed, such accounting records relating to the relevant trust, and such information on the assets of the relevant trust, as may be prescribed;

prescribe the measures that must be taken by a trustee of a relevant trust for or in respect of all or any of the matters in paragraphs (a), (b) and (c);

provide that a trustee of a relevant trust must, when acting for the trust in any prescribed transaction, disclose to any other party to the transaction the fact that the trustee is acting for the trust;

for the purposes of section 83(2), set out the circumstances in which —

an individual is considered as ultimately owning a relevant trust party through a chain of ownership; and

an individual is considered as ultimately controlling a relevant trust party, or as exercising ultimate effective control of a relevant trust party, through indirect control;

provide that any contravention of any provision of the regulations shall be an offence punishable with a fine not exceeding $1,000;

prescribe any matters that may be required or permitted by this Part to be prescribed; and

contain any transitional and other supplementary and incidental provisions that appear to the Minister to be appropriate.