South Africa’s recent removal from the FATF greylist marks not an end but a beginning of intensified regulatory oversight. With less than 25% of trusts currently compliant with beneficial ownership requirements, trustees face increasing scrutiny from empowered regulatory bodies.
This article by trust expert Phia van der Spuy examines the implications for trustees and what actions they should take to avoid penalties.
Read here.
Phia 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.