TCSP guidance welcome, but grey areas remain, says FISA
It may not always be clear when someone has crossed the line into carrying on the business of creating a trust arrangement for a client.
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Trustees are in contravention of beneficial ownership regulations, says FISA
Trustees cannot be expected to have all the information within a few hours of the gazetting of the final regulations, it says.
Changes to Trust Property Control Act may be overturned by the courts
One of the unforeseen consequences could be the premature acquisition of rights.
MPs accept refinements to omnibus anti-money laundering amendment bill
Trust practitioners are not happy that Treasury ‘ignored’ their proposals to undo the ‘devasting effects’ of the legislation.
Fisa calls on banks to focus on bank accounts of clients who have passed away
Practitioners can get authority from the Master’s Office within weeks but battle for months for a response from some of the banks.
Fisa makes urgent submission to Parliament on ‘beneficial ownership’ relating to trusts
It says the amendment bill imports a foreign concept that is in conflict with South African trust and property law.
