Page 50 - Nexia SAB&T Business in South Africa Guide 2024

GENERAL LAWS (ANTI-MONEY LAUNDERING AND COMBATING
TERRORISM FINANCING) AMENDMENT ACT, 22 OF 2022

In an effort to increase measures to combat money laundering and terrorist
financing in South Africa (as a consequence of South Africa having been
grey-listed by the FATF), on 22 December 2022, the President signed the
General Laws (Anti-Money Laundering and Combating Terrorism Financing)
Amendment Act, 2022 (GLAA) into law. The commencement was gazetted on
31 December 2022.
The GLAA makes key amendment to various pieces of legislation, including
(inter alia):
■ The Trust Property Control Act, 57 of 1988.
■ The Companies Act, 71 of 2008.
■ Financial Intelligence Centre Act, 38 of 2001.
The amendments are briefly set out as follows:
The Trust Property Control Act, 57 of 1988
The Trust Property Control Act (and Regulations) have accordingly been
amended, bringing about increased reporting requirements, with effect from the
1 April 2023.
As from 1 April 2023, trustees are obliged to lodge a register of beneficial
ownership* in the trust/s for which they act as trustees – with the Master of the
High Court.
In addition, trustees are required to update this information, as and when
changes are made.
A trustee who fails to comply with this obligation commits an offence, and on
conviction, may be liable to a fine not exceeding R10 million, or imprisonment for
a period not exceeding five years, or to both such fine and imprisonment.

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