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The passing of the Amendment Act has resulted in the proposed NPO Bill being withdrawn given that many of the proposed amendments were addressed in the Amendment Act.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...
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...
