Strengthening Financial Intelligence: Amendments to the Trust Property Control Act

Introduction

The Government Gazette has published a new amendment to the Trust Property Control Act, aimed at strengthening financial intelligence and combating terrorism financing. This change is designed to enhance transparency, prevent money laundering, and improve financial integrity.

Key Provisions

• Trustees must now disclose their position as trustee to accountable institutions and make it known that relevant transactions or business relationships relate to trust property.
• The Master of the High Court must notify each trust with a trustee affected by an order or conviction, and establish and maintain a public register of persons disqualified from serving as trustees in terms of court orders or other laws.

Clarifications

• The amendment clarifies the circumstances under which a person’s disqualification can be extended.
• The Security Council of the United Nations has been recognized as a competent authority for determining whether a person is no longer subject to a resolution imposing sanctions.

Minister’s Comments

The Minister of Finance welcomed the changes, stating that they would help to improve financial transparency and combat terrorism financing. “These amendments demonstrate our commitment to strengthening financial intelligence and preventing illicit activities,” said the Minister.

Background

The Trust Property Control Act regulates the administration of trust property in South Africa and aims to protect the interests of beneficiaries and prevent abuse.

Effective Date

The amended act comes into effect on [insert date].

Conclusion

The amendments to the Trust Property Control Act are a significant step towards strengthening financial intelligence and combating terrorism financing. By enhancing transparency and preventing money laundering, these changes will help to improve the overall integrity of South Africa’s financial system.