SARS can seize the property of third parties on the premises identified in a warrant
The suspicion that the third party’s vehicle contained material relevant to the taxpayer under investigation was sufficient for it to be searched, SCA finds.
Compliance and Legislation
FIC invites comments on its draft risk assessment report for crypto asset service providers
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
Key aspects of Treasury’s proposals to reform SA’s financial ombud system
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
Labour Court upholds restraint of trade, warning against confidentiality breaches
Two insurance brokers found themselves under the scrutiny of the Labour Court, as they were called to account for soliciting clients from their previous employer.
New National Financial Ombud scheme launches
The previously separate credit, banking, and long-term and short-term insurance ombud schemes are now under one roof.
FIC publishes new guidance on financial sanctions compliance
Accountable institutions are required to scrutinise client information against the targeted financial sanctions lists to identify designated persons and entities linked to clients.
Existing financial ombud system is ‘too complex’ for consumers to navigate
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
Ombuds will handle cases involving disputes of fact or law and award compensation
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
FSCA fines asset manager R16m for FICA non-compliance
The reasons for the sanction are virtually identical to those that saw the Authority fine an FSP earlier in February.
Certain intermediaries can continue to provide premium collection services
Independent intermediaries must adhere to the conditions if they want to rely on the exemptions from the regulations under the Short-term and Long-term Insurance Acts.
Information Regulator issues Enforcement Notice over direct marketing violations
The regulator says its ‘leniency regarding direct marketing through unsolicited electronic communications is going to be a thing of the past’.
New tax reforms edge closer: public comment open on four draft Bills
The Draft Global Minimum Tax Bill aims to enforce a 15% multinational top-up tax on multinational enterprise groups, aligning with global efforts to implement a comprehensive system of minimum taxation.
What employers need to know about the revised employment equity targets
The draft regulations for sector-specific numerical targets raise legal questions amid the upcoming amendments to the Employment Equity Act.
Insurer seeks costs order against debarred representative
Insisting on a formal hearing at the Tribunal, and then not attending it, may have unpleasant consequences.
FSCA clears the way for CIS managers to establish retail feeder hedge funds
The 75% investment limit in Board Notice 52 inadvertently excluded the establishment of retail feeder hedge funds as a portfolio style.
Acknowledgment of debt, even indirectly, halts prescription
The High Court confirms that an acknowledgment of debt, even if not directly made to the creditor, interrupts the time limit for legal action.
Another amendment coming to curb tax avoidance when making an interest-free loan to a non-resident trust
The context to Treasury’s concern is where the arm’s length interest rate is lower than the official rate of interest.
