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TRUST PROPERTY CONTROL ACT: DoJCD DRAWS ATTENTION TO NEW REQUIREMENTS
- 18 September 2024
- Justice & Constitutional Development
- SA Legal Academy
The Department of Justice & Constitutional Development has issued a media statement drawing attention to the ‘harsher punishment’ likely to face trustees ‘found guilty of not complying with … provisions of the amended Trust Property Act’. This is noting that amendments to the Act and its regulations:
- came into force on 1 April 2023
- align South Africa’s regulatory environment with international standards for combating money laundering and terrorism financing, focusing on ‘beneficial ownership transparency’, and
- impose disclosure requirements on any person engaging with an accountable institution as a trustee regarding a transaction or business relationship relating to trust property.
According to the statement, among other things these requirements include lodging ‘a register of … beneficial ownership information … with the Master of the High Court’ by 15 November 2024.
Apparently, trustees’ generally ‘low level of compliance’ with these requirements could impact negatively on the process now under way to exit South Africa from the international Financial Action Task Force grey list.
Unfortunately, the statement makes no mention of the General Laws (Anti Money Laundering & Combatting Terrorism Funding) Amendment Act, 2022, which – together with amendments to the Trust Property Act regulations – introduced these requirements. A SA Legal Academy report published when the amendments came into force includes links to the documents concerned.
- media statement
- SA Legal Academy report
Published by SA Legal Academy Policy Watch
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