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COMPANIES ACT: INPUT SOUGHT ON PROPOSED AMENDMENTS TO THE REGULATIONS
- 15 March 2023
- Trade, Industry & Competition
- SA Legal Academy
The Department of Trade, Industry & Competition has called for input by 29 March 2023 on proposed amendments to the Companies Act regulations.
According to the accompanying Government Gazette notice, once operationalised the amendments will align the regulations with General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022, requirements. Most sections of this Act are now in force.
A media statement on the draft amendments refers, among other things, to provisions for establishing a ‘beneficial ownership register’. This would serve as a ‘repository … of (information on) natural persons who own or exercise control over legal entities’.
Such a register would facilitate the process of identifying ‘vehicles prone to abuse for money laundering and terror financing activities’.
- draft amendments
- media statement
- General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act
- information on sections in now force
Published by SA Legal Academy Policy Watch