TCSP guidance welcome, but grey areas remain, says FISA
It may not always be clear when someone has crossed the line into carrying on the business of creating a trust arrangement for a client.
#Trust Property Control Act
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Harsh penalties for trustees for non-compliance with new reporting requirements
The offences relate to not recording information about beneficial ownership and service providers that are accountable institutions.
Trustees are in contravention of beneficial ownership regulations, says FISA
Trustees cannot be expected to have all the information within a few hours of the gazetting of the final regulations, it says.
Trusts are facing a multitude of new reporting requirements
Trustees will have to report directly to Sars, outside of the current trust tax return process, and before the trust tax return is due.
What trustees should know about the amendments to the Trust Property Control Act
Among other things, trustees are obliged to keep adequate records in relation to beneficial ownership.
Changes to Trust Property Control Act may be overturned by the courts
One of the unforeseen consequences could be the premature acquisition of rights.
When the new anti-money laundering provisions take effect
Proclamation Notice sets the commencement dates for the sections that amend five Acts of Parliament.
MPs accept refinements to omnibus anti-money laundering amendment bill
Trust practitioners are not happy that Treasury ‘ignored’ their proposals to undo the ‘devasting effects’ of the legislation.
Fisa makes urgent submission to Parliament on ‘beneficial ownership’ relating to trusts
It says the amendment bill imports a foreign concept that is in conflict with South African trust and property law.
Treasury publishes omnibus anti-money laundering bill
The process to address deficiencies in the country’s anti-money laundering and anti-terrorism financing legislation got under way this week after Minister of Finance Enoch Godongwana tabled the General Laws (Anti-Money Laundering and Combating […]
Omnibus bill to beef up SA’s anti-money laundering measures
Minister of Finance Enoch Godongwana has published an explanatory summary of a bill that will amend five Acts of Parliament as the government moves to beef up the country’s anti-money laundering and counter […]
