Page 16 - Nexia SAB&T Trust Guide 2024

(c)(i) each founder of the trust; or (ii) if a founder of the trust is a legal
person, a person acting on behalf of a partnership or in pursuance
of the provisions of a trust instrument, the natural person who
directly or indirectly ultimately owns or exercises effective control
of that legal person or partnership or the relevant trust property or
trust arrangements pursuant to that trust instrument;
(d)(i) each trustee of the trust; or (ii) if a trustee of the trust is a legal
person or a person acting on behalf of a partnership, the natural
person who directly or indirectly ultimately owns or exercises
effective control of that legal person or partnership; and
(e)(i) each beneficiary referred to by name in the trust instrument or
other founding instrument in terms of which the trust is created;
or (ii) if a beneficiary referred to by name in the trust instrument
is a legal person, a partnership or a person acting on behalf of a
partnership or a person acting in pursuance of the provisions of
a trust instrument, the natural person who directly or indirectly
ultimately owns or exercises effective control of that legal person
or partnership or the relevant trust property or trust arrangements
pursuant to that trust instrument.

The purpose of creating classes of ‘beneficial owners’ is to place
an obligation on the trustees and the Master to keep records of the
individuals who fall within these classes – which records will be useful
to combat money laundering and terrorism.
It is important to note that a distinction needs to be drawn between
a beneficiary of a trust and the definition of a beneficial owner
introduced by the Amendment Act, the latter being introduced for the
above-named reasons (a beneficiary is thus just one of the categories
of beneficial owner for disclosure purposes as outlined in the
paragraph above).

■ Specifying information that must be kept by trustees in relation to beneficial
owners in relation to trusts

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