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Treasury publishes far-reaching bill with severe impacts on Trust Property Control Act

National Treasury published the General Laws (Anti-Money Laundering) (Bill No 18 of 2022) on 29 August. No dates for public comment have been published yet.

The bill proposes, amongst others, several far-reaching amendments of the Trust Property Control Act, 57 of 1988. Among the more problematical proposed amendments is a very wide definition of “beneficial owner”, including all trustees in the definition. This, at first blush, seems to ignore the nature of a trust in South African law.

Click here to access a copy of the bill on the National Treasury website.