June 13, 2023

Navigating the amendments to the Trust Property Control Act: Beneficial ownerships in South Africa

The Trust Property Control Act, a key piece of legislation governing South Africa’s trusts, recently underwent a substantial transformation with the passage of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act. This regulatory overhaul was aimed at strengthening the country’s trust governance, a direct response to its greylisting status, and has significant implications for trustees, especially those managing family trusts. Expansion of the term “beneficial owner” One of the primary alterations to the act is the expansion of the term “beneficial owner”. This term now encapsulates individuals with either direct or indirect ownership of the trust property, […]
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