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TRUST PROPERTY CONTROL ACT UPDATE
- 08 May 2023
- Justice & Constitutional Development
- SA Legal Academy
The Department of Justice & Constitutional Development has issued a media statement reminding members of the public of their obligations under amendments to the Trust Property Control Act and its regulations. In force from 1 April 2023, the amended legislation is now aligned to the requirements of sections of the General Laws (Anti Money-Laundering & Combating Terrorism Financing) Amendment Act, 2022, which also came into effect on 1 April 2023.
According to the media statement, the amended legislation seeks to improve the ‘transparency’ of South Africa’s beneficial ownership regulatory framework by making certain reporting requirements mandatory.
Any trustee convicted of an offence ‘will be liable to a fine of up to R10m, or imprisonment for a period of up to five years, or both.
- media statement
- SA Legal Academy article on the new legislation
Published by SA Legal Academy Policy Watch