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TRUST PROPERTY CONTROL ACT: DRAFT REGULATIONS OUT FOR COMMENT
- 12 January 2023
- Financial Sector
- SA Legal Academy
The Department of Justice & Constitutional Development has called for input by 13 February 2023 on draft regulations under the Trust Property Control Act, 1988. This is noting amendments to the Act made by the recently gazetted General laws (Anti-Money Laundering & Combating of Terrorism Financing) Amendment Act, most sections of which came into force on 31 December 2022. Except for those with implications for trust property, the Act’s remaining sections are scheduled to commence on 1 April.
Against that backdrop, the Trust Property Control Act regulations now being proposed:
- provide for the establishment and maintenance of a public register of persons disqualified from serving as trustees, and
- require trustees to provide the authorities with certain information:
- pertaining to any relationship they may have with an accountable institution, and
- regarding each of a trust’s beneficial owners.
Please click the links below for more detail:
- draft regulations
- Department of Justice & Constitutional Development cover note
- General laws (Anti-Money Laundering & Combating of Terrorism Financing) Amendment Act
Published by SA Legal Academy Policy Watch
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