Jurisdiction(s):
United Kingdom

Key definition

Money definition

What does Money mean? In legal practice, money refers to the generally accepted means of payment used to discharge monetary obligations, pay for goods and services, and satisfy judgments. It ordinarily includes cash (banknotes and coins, typically sterling in the UK and euro in Ireland) and sums standing to the credit of a bank account transferable by cheque or electronic transfer; it can also include foreign currency if agreed. The term is descriptive rather than strictly defined, though related concepts are defined in legislation. 'Legal tender' identifies what must be accepted in settlement of a debt: in England and Wales, Bank of England notes...

UK Money Laundering Regulations and pension schemes: TRS registration, disclosure and due diligence obligations, MLD5 transparency, penalties, and forthcoming 2026 amendments

Published by a LexisNexis Pensions expert

Practice notes

FORTHCOMING DEVELOPMENT :

On 26 March 2026, HM Treasury unveiled the draft money laundering and Terrorist Financing (Amendment) Regulations 2026 (the draft Money Laundering Regulations). The instrument gives effect to the government’s reply to the consultation ‘Improving the effectiveness of the Money Laundering Regulations’. That response concluded that, although the underlying framework remains fit for purpose, a handful of targeted adjustments would enhance outcomes for regulated businesses and their customers in practice. The proposals concentrate on trust registration measures and a recalibration of enhanced due diligence thresholds.

brings certain non‑excluded trusts holding UK land acquired before 6 October 2020 within scope of registration;
removes SDRT as a trigger for taxable trust registration;
widens information access to include type C trusts; and
enlarges the list of excluded trusts.

It also revises the enhanced due diligence threshold so it captures transactions that are unusually complex or large for their nature, strengthening a risk‑based approach that may prompt professional trustees, especially in a pensions setting, to reconsider how they detect and oversee unusual contributions, transfers, or withdrawal...

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Web page updated on 21/05/2026

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