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New regulations issued under Trust Property Control Act

The Department of Justice and Constitutional Development issued a special Regulation Gazette No 11566 in Government Gazette No 48351 on 31 March 2023 after normal business hours. The Gazette contains the amendments to the regulations under the Trust Property Control Act, 57 of 1988 (the Act), giving effect to the amendments to the Act by the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 22 of 2022 (the Amendment Act) and are effective as from 1 April 2023.

These regulations stipulate, amongst others, the information about a “beneficial owner” as defined in the Amendment Act that a trustee must record and keep in a register, and must upload to an electronic register at the Master of the High Court.

The electronic register was made available on the Master’s ICMS Web Portal on 5 April 2023.

Click here for the regulations.

Click here for the Amendment Act.

Click here for the ICMS Web Portal.

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