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 | Nov 6, 2023 | AML, Anti-money Laundering Amendment Act, Beneficial Ownership, Corporate Trusteeship, Trust
South Africans have not been spared with loadshedding, escalating fuel prices and rising inflation further adding to the uncertainty. This makes it feel as if planning for the future is pointless and all you can really do is survive the now. In this article we discuss...
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 | 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The passing of the Amendment Act has resulted in the proposed NPO Bill being withdrawn given that many of the proposed amendments were addressed in the Amendment Act.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 | May 29, 2023 | Accountable Institution, Anti-money Laundering Amendment Act, Estate Agent
Closely related to the recent greylisting of South Africa is the passing late in 2022 of the new General Laws Anti-Money Laundering and Combating Terrorism Financing Amendment Act, 22 of 2022 (“Amendment Act”). The Amendment Act introduces several key changes to areas...
by VDT Attorneys | May 4, 2023 | Accountable Institution, Anti-money Laundering Amendment Act, FICA, Trust
“Accountable Institutions” are defined in the Financial Intelligence Centre Act 38 of 2001 (“FIC Act”) and essentially refer to entities that are responsible in terms of the FIC Act to conduct what is colloquially known as ‘FICA’ on their clients. Although an...
