by VDT Attorneys | Jun 26, 2024 | Amendment Act, AML, Trustee Duties
If a trust deed is amended, the trustees are required to lodge the amended version of the trust instrument or a certified copy with the relevant Master of the High Court that has jurisdiction (where the trust was registered initially). If a trustee is appointed after...
by VDT Attorneys | Nov 6, 2023 | Amendment Act, AML, Anti-money Laundering Amendment Act, Beneficial Ownership, Company, Trust
New electronic platform The result was the development and launch of a new electronic platform to address the concerns raised. However, the new electronic platform has also introduced additional requirements for Trustees and will now require Trustees to actively...
by VDT Attorneys | Aug 28, 2023 | Amendment Act, AML, Anti-money Laundering Amendment Act, Beneficial Ownership, Company, Trust
On 24 February 2023, South Africa was officially grey listed by the International Financial Action Task Force (“FATF”) thereby declaring South Africa to be a high-risk territory when it comes to international dealings and investments. Following a FATF report already...
by VDT Attorneys | Jul 3, 2023 | Accountable Institution, Amendment Act, Compliance, Tax, Trust
With the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) having come into full effect on 1 April 2023, SARS has updated its Income Tax Return Wizard system to enable SARS to intensely verify the...
by VDT Attorneys | Jun 13, 2023 | Amendment Act, Anti-money Laundering Amendment Act, Corporate governance, Non-profit, NPO
The passing of the Amendment Act has resulted in the proposed NPO Bill being withdrawn given that many of the proposed amendments were addressed in the Amendment Act. But what changes have the Amendment Act introduced in respect of NPOs? The Amendment Act has amended...
by VDT Attorneys | Apr 18, 2023 | Amendment Act, Anti-money Laundering Amendment Act, Beneficial Ownership, Compliance, Money Laundering, Trust
For ease of reference we repeat the new definition of ‘beneficial owner’ which in the context of a trust includes any the following: The natural person(s) who directly or indirectly ultimately own the trust property. The natural person(s) who exercises effective...
