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 | May 10, 2023 | Beneficial Ownership
Beneficial ownership register The Amendment Act requires that the South African Companies and Intellectual Property Commission (“CIPC”) must establish and implement what is to be known as a beneficial ownership register aimed at identifying the ultimate owner(s) of a...
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...
by VDT Attorneys | Mar 30, 2023 | Amendment Act, Beneficial Ownership, Company, Compliance, Fines, Money Laundering, Trust
The recently passed General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) contains a number of key amendments to the Trust Property Control Act 57 of 1988 (“Trust Act”). One of these amendments which we will...
