Sloppy trust administration days are coming to an end
New reporting obligations await trustees.
Source: moneyweb.co.za
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Greylisting spotlights beneficial ownership of companies and financial institutions
The FATF considers both 'technical compliance' and 'effectiveness'.
Source: moneyweb.co.za
Greylisting turns the spotlight on beneficial ownership of companies and financial institutions
South Africa has put new laws in place to address the Financial Action Task Force’s (FATF) concerns, and those relating to beneficial ownership will have a significant impact on financial institutions and companies. In February 2023, the FATF placed South Africa on the “greylist” of countries which are under increased monitoring. South Africa was placed on the greylist as the FATF identified serious deficiencies in its regulatory systems and the effectiveness of its anti-money laundering and counter-terrorism regime. Countries on the greylist are committed to working with the...
Source: polity.org.za
South Africa urgently sets beneficial owner register start date amid FATF grey listing
South Africa's Companies and Intellectual Property Commission has announced that compulsory registration of trust and company beneficial ownership will take effect...
Source: internationalinvestment.net
Concerns about amendments to the Trust Property Control Act
Louis Van Vuren, CEO of the Fiduciary Institute of Southern Africa, points out that the legislation cannot be rationally connected to the purpose for which it was promulgated.
Source: moneyweb.co.za