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FISA liaises with authorities regularly

FISA structures are in regular contact with regulators and other authorities in connection with developments in the fiduciary industry. FISA chairperson, Dr Eben Nel, and chief executive, Louis van Vuren, have had meetings with the acting Chief Master and representatives of other authorities over the last few months with a view to contribute to the improvement of legislation in the field, specifically around the duties of trustees w.r.t. the recording and updating of information about the parties involved in trusts.

Both Eben and Louis, as well as FISA member and Western Cape regional committee member, Phia van der Spuy, recently attended an international conference in Namibia on the issues surrounding the FATF and international challenges with defining, collecting and recording information about trusts in order to limit the abuse of trusts for money laundering and the financing of terrorism.

It is also one of the current FISA council’s aims for FISA to be involved in consultations early in the drafting process of any new legislation in the fiduciary field to attempt to ensure that such legislation are appropriately drafted in order to be effective and practical. 

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