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...
by VDT Attorneys | Mar 22, 2023 | Amendment Act, Beneficial Ownership, Company, Compliance, Money Laundering
In this article we take a look at amendments to the Companies Act 71 of 2008 which introduces new disclosure requirements. These amendments have been introduced by the recently passed General Laws (Anti-Money Laundering and Combatting of Terrorism Financing) Amendment...
by VDT Attorneys | Mar 6, 2023 | Amendment, Amendment Act, CIPC, Company, Compliance, Money Laundering
If one considers the new General Laws (Anti-Money Laundering and Combatting of Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) signed into law late in December 2022 and the measures aimed at South African companies, it can safely be deduced that our...
by VDT Attorneys | Feb 28, 2023 | Amendment Act, Companies Act, Company, Compliance, Corporate, Grey listing, Money Laundering, Trust
The Financial Action Task Force (“FATF”) periodically assesses nations and the effectiveness of their financial intelligence regulatory frameworks and controls to prevent money laundering, the illicit flow of money and terrorism financing. When serious deficiencies in...
by VDT Attorneys | Feb 27, 2023 | Amendment Act, Beneficial Ownership, Company, Compliance, Fines, Money Laundering, Trust
In South Africa, trusts are regulated in terms of our common law and the Trust Property Control Act 57 of 1988 (“Trust Act”). The Trust Act regulates the administrative aspects of trusts and is the primary statute that governs trust law in South Africa. But why the...
