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FISA submission to Parliamentary Standing Committee on Finance

The General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Bill [B18-2022], was published by Treasury on 29 August 2022.  Click here to access a copy of the Bill.

The Bill proposes, amongst others, several far-reaching amendments to the Trust Property Control Act, 57 of 1988 (the Act).  FISA submitted comment to the Bill with the generous support and contributions of two eminent South African trust law experts, Prof Francois du Toit from the University of the Western Cape and Prof Bradley Smith from the University of the Free State.  The gist of the comment centres around conflicts between the proposed amendments and other parts of the Act, the fact that the concept of “beneficial ownership” is in conflict with South African trust, as well as property, law and that the proposed burdens on trustees are unclear, unfair and in certain respects unnecessary.

Click here for the submission.

In the meantime, the SCOF postponed their final meeting to consider the amendment bill clause-by-clause to 18:00 on 10 November 2022.