It is imperative that trustees be aware of, and compliant with, changes to the Trust Property Control Act (the Act), arising from the legislative measures approved on 22 December last year, in respect of South Africa avoiding a grey-listing rating by the International Financial Action Task Force (FATF).
Phia van der Spuy unpacks these important changes to the Act. Non-compliance may lead to a fine not exceeding R10-million or five years’ imprisonment, or both.
Phia is a CA with a Masters degree in tax, an FPSA®, a Chartered Tax Adviser, a Trust & Estate Practitioner and the founder of Trusteeze, the provider of a digital trust solution.
Read this important article here