Globally there has been an increased focus on standards of anti-money laundering, the combat of terrorist financing, and financing of the proliferation of weapons of mass destruction. The global focus now also has a South African focus.
Why must South Africans adhere?
- You are accountable: The Financial Intelligence Centre Act, 2001 requires trust and company service providers to perform the necessary procedures on their clients to combat money laundering, terrorist financing, and proliferation of weapons of mass destruction.
- You must be compliant: The General Laws Amendment Act, 2022 requires companies, close corporations, and trusts to disclose information to the Companies and Intellectual Property Commission (CIPC) and the Master of the High Court about the individuals who benefit from their business activities. The disclosure takes place through the submission of a beneficial ownership register. Resubmission is required from time to time when changes occur in the company, closed corporation, or trust.
- You are responsible: The obligations of the responsible persons associated with trusts, companies, and close corporations involve a continuous standard of care and adhering to legislative timelines.
What does it mean to benefit from a trust, company, or close corporation?
The focus is, in essence, on the direct or indirect ownership or control of the trust property, the company, or the close corporation. The legislation refers to various technical aspects to be considered by these entities. If you are not sure about these aspects, remember, we are only a phone call or an email away!
What does compliance require from us?
Companies, close corporations, and trusts differ in their composition. This, together with the exceedingly technical legal environment, requires these entities to ensure they have technical experts assisting them to continuously comply with the requirements.
How can the Origin Group assist us?
- We are available: We are only a phone call or an email away.
- We focus on your uniqueness: The information required (eg. full FICA, secretarial and historical information) will depend on your circumstances.
- We focus on your needs: Please contact us as soon as possible to assist you to enable you to focus on your businesses and your families.
You can trust the Origin Group to assist you with the legislative requirements. Reach out to one of our experts today.
