Trusts & Estates Law News
More newsExploring the Trusts & Estates Practice
Director and Head of the Trusts & Estates Practice Gretchen Barkhuizen-Barbosa, together with Senior Associate Emily West on CDH Conversations podcast.
Recent amendments to South Africa’s trust and non-profit organisation legislation in response to the Financial Action Task Force greylisting: Part two
Part one of this series ( which you can read here ) dealt with the amendments that are relevant to non-profit organisations. As alluded to in that article, the General Laws (Anti Money Laundering and Combatting Terrorism Financing) Amendment Act 23 of 2022 also amended the Trust Property Control Act 57 of 1988 (TPCA). The Legislature passed amendments (effective from 1 April 2023) which impose disclosure and administrative obligations on trustees (specifically when transacting with institutions listed in the Financial Intelligence Centre Act 38 of 2002 (FICA)).
Trusts: Now an administrative nightmare?
South Africa’s recent greylisting has necessitated urgent changes to inter alia the Trust Property Control Act 57 of 1988 (Act). Amendments have been made to sections 1, 6, 8, 10, 11, 19, 20 of the Act, as well as the regulations thereto, and came into effect on 1 April 2023. In particular, sections 10, 11 and 19 place obligations on trustees.