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Filter: fines
How big is the Financial Intelligence Centre bite?

13 June 2023,  Nathan Christians

More and more accountable institutions are being targeted by the Financial Intelligence Centre (“FIC”) for failing to comply with their... duties under the Financial Intelligence Centre Act 38 of 2001 (“FIC Act”). But what can happen if you don’t comply?

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2925
Article
Trustees MUST now report their status! Find out why

30 March 2023,  André van Niekerk, Johnny Davis, Mark le Riche

With major amendments to South Africa’s anti-money laundering framework scheduled to take effect from 1 April 2023 as part of... Government’s strategy to remedy South Africa’s grey listing status, all trustees should take careful note of the new disclosure requirements that will apply to them.

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1872
Article
Trustees beware! You can now be fined and jailed!

27 February 2023,  André van Niekerk, Johnny Davis, Mark le Riche

Trusts have for some time now been the target of criticism for their alleged use and abuse in the money... laundering environment. The latest challenge to the trust comes in the form of a major amendment to South Africa’s anti-money laundering framework by the General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) which holds serious implications for trusts and trustees. In this article we will focus specifically on how the trust form is abused and how the Amendment Act aims to curb such abuse.

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5080
Article
New anti-money laundering amendment legislation to affect companies and trusts

21 February 2023,  Dr Damian Viviers

Major amendments to South Africa’s anti-money laundering framework have almost unnoticed introduced serious changes to the trust and company law... environment, including the addition of hefty fines and jailtime for trustees! So, although these changes have been aimed at the fight against money laundering and terrorism, the real impact of the amendments will be far wider. 

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4200
Article

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