Trust expert Phia van der Spuy attended the 14th Annual FISA Conference sponsored by Hollard Court Bonds and writes i.a. about comments made during the regulatory update by Euphemia Daniels, Acting Chief Director: Operations in the Office of the Chief Master. Ms Daniels said that compliance with the requirement to file beneficial ownership of trusts is lagging at only around 6% of total trusts in the country. In addition, trustees are required to report on any interactions with “accountable institutions” as set out in the Financial Intelligence Centre (FIC) Act.
The Master’s Office will be embarking on an information campaign to raise awareness of the need to comply.
Regarding the Financial Action Task Force (FATF) SA needs to meet with 22 items to be removed from its greylisting, 14 of which still remain.
Read the piece here.
Phia van der Spuy is a Chartered Accountant with a Masters degree in tax and a registered Fiduciary Practitioner of South Africa®, a Chartered Tax Adviser, a Trust and Estate Practitioner (TEP), and the founder of Trusteeze®, the provider of a digital trust solution.