Media Advisory
Justice Department to host a webinar on Beneficial Ownership Register
28 October 2024
The Department of Justice and Constitutional Development, will on 29 October 2024, host a webinar on the beneficial ownership register. The webinar seeks to raise awareness about the compliance on the provisions of the amended Trust Property Control Act.
The details of the webinar are as follows:
Date : 29 October 2024
Time : 10h45- 13h00
Webinar link :
https://teams.microsoft.com/l/meetup-join/19%3ameeting_NWE2MDk2NmEtMTU1NS00MjliLThlZWUtMTdhNjFjYjgyNzBm%40thread.v2/0?context=%7b%22Tid%22%3a%22f623590e-2507-40c7-8e6f-b6411b88ef5f%22%2c%22Oid%22%3a%22c642b4a6-b35b-4277-bd6c-e1181b39e559%22%7d
Trustees who are found guilty of not complying with the provisions of the amended Trust Property Act of 1988, will face harsher punishment. The implementation of the amendments to the Trust Property Control Act, 1988, came into effect on 01 April 2023. The deadline for the filing of the beneficial ownership register with the Master of the High Court is the 15 November 2024.
The Amendment Act seeks to address the shortcomings in beneficial ownership transparency in South Africa’s regulatory framework. South Africa as a member of Financial Action Task Force (FATF), is obliged to ensure that its regulatory environment is geared towards international standards in anti-money laundering and combating financing of terrorism.
According to the Amendment Act, a trustee commits an offence if they fail to disclose to an accountable institution that they engage with in the capacity of a trustee, that the relevant transaction or business relationship relates to trust property.
The trustee also commits an offence if they fail to record the details of an accountable institution as prescribed in regulation 3B; if they fail to establish and record the beneficial ownership information of a trust prescribed in regulation 3C and when they fail to keep an up to date record of the beneficial ownership information prescribed in regulation 3C or fails to lodge a register of the beneficial ownership information prescribed in regulation 3C with the Master of the High Court.
It has been noted that there is a low level of compliance with these provisions by trustees, in particular the lodging of the beneficial ownership information with the Master of the High Court. This low level of compliance will have a significant impact on SA exiting the grey-list by the January 2025 deadline. All trustees are reminded that the law is already in operation and remains applicable together with the penalties for non-compliance.
The Minister of Justice and Constitutional Development made regulations that were published in Government Gazette No. 48351 on 31 March 2023 (“the Regulations”) in order to facilitate the implementation of the Amendment Act. Prior to these amendments, the Trust Property Control Act, 1988 did not provide for reporting on beneficial ownership and hence, had no prescribed penalties for non-compliance.
Enquiries:
Tsekiso Machike
Spokesperson: Ministry of Justice and Constitutional Development
078 237 3900
Issued by the Ministry of Justice and Constitutional Development
