Between April 2019 and June 2021, South Africa underwent a mutual evaluation of its anti-money laundering and counter-financing of terrorism controls, which culminated in the publication of the Mutual Evaluation Report (“MER”) by the FATF.
In an effort to address the deficiencies identified in the MER, several laws, including the Trust Property Control Act1 (“TPCA”), were amended through the introduction of the General Laws Amendment Act (the “Amendment Act”)
The objective of this course is to inform Trustees, HR Practitioners, Accountants, Legal and other personnel responsible for the setting up and managing Trusts. The Master of the High Court has placed an obligation on trustees to disclose the Trust’s beneficial register and ensure it is kept up to date. The course looks at the requirements and responsibilities including the associated penalties and fines for non-compliance. The course allows for participative interaction and delegates will be encouraged to share their experiences, as there are still some grey areas for some type of Trusts such as community Trusts.
What we will cover:
- Ensuring compliance with the Amendment Act
- Look at the beneficial information required by the Master of the High Court
- Break down the Act for clear understanding of the changes
- Navigating the Master’s online portal
PART A - AMENDMENTS TO THE TRUST PROPERTY CONTROL ACT 57 OF 1988
- Why the amendments?
- What are the amendments?
PART B – INTRODUCTION OF BENEFICIAL OWNERSHIP
- Beneficial ownership of a Trust
PART C – NEW OBLIGATIONS FOR THE TRUSTEES
- Obligations for the Trustees
- Penalties for non-compliance
- What Trustees need to do to be compliant
- The Master of High Court beneficiary register
- Master of High Court ICMS portal
Training venue: Virtual/Face to face (depends to requests)
Training price: R2,500 excl vat
Training duration: 90 minutes
Training date: 22 November 2023