The announcement to remove South Africa from the greylist is a massive achievement for South Africa; however, the removal from the greylist doesn’t mean that the compliance regulations, legislation and processes will disappear. In fact, these new compliance regulations and procedures laid the foundation for South Africa. The foundation will be used as a building block to continuously strengthen compliance and enforcement processes in South Africa by all regulatory bodies. National Treasury indicated in its media release that South Africa cannot afford to stagnate after the removal from the greylist and that continued improvement is of paramount importance.
The regulatory bodies will continue to monitor all compliance aspects and will take the necessary steps to ensure that South Africa remains off the greylist.
What does this mean for trusts and companies?
The short answer is that all compliance requirements for trusts and companies are still in force, and all parties are still expected to comply with the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act.
Our dedicated Trust Office team specialises in trusts and companies, with a strong focus on compliance and staying ahead of regulatory developments. Contact us to find out how we can help you remain compliant and confident.
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