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Trust Property Control Act now in force
- 03 April 2023
- Accounting
- South African Accounting Academy
The amendments to regulations under the Trust Property Control Act, 1988, are amended by certain sections of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022.
These amendments to the Act and its regulations came into force at 00:01 on Saturday 1 April 2023, when related sections of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022, also came into effect by proclamation in the Government Gazette.
As per the President’s Proclamation on 30 March 2023:
Under section 66 of General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022), herein referred to as “the Amendment Act”, I hereby determine 1 April 2023 as the date on which:
- subsection (1H) of section 6 of the Trust Property Control Act, 1988, as inserted by section 2 of the Amendment Act;
- section 11A(1)(c), (2) and (3) of the Trust Property Control Act, 1988, as inserted by section 6 of the Amendment Act; and
- Section 7 of the Amendment Act comes into operation.
Both notices were published well after hours on Friday 31 March 2023.
Please note: The notices gazetted on 31 March 2023 were withdrawn the following day and replaced.
Each link below takes you to the correct backdated replacement notice.
Click here to download the amendments to the Trust Property Control Act regulations:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Trust Property Control Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor and independent reviewer, you need to consider compliance with these Draft Regulations.
- These Regulations relate specifically to beneficial ownership registers and records of details of accountable institutions.
Relevance to Your clients:
- Trusts and trustees, relevant accountable institutions have a duty to comply with the Trust Property Control Act, otherwise they could be held liable.
- These Regulations relate specifically to beneficial ownership registers and records of details of accountable institutions.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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