Government is cracking down on trusts and businesses in South Africa: report

To escape the Financial Action Task Force greylisting, the Companies and Intellectual Property Commission will amend the Companies Act to reveal the names of beneficial owners of companies in South Africa, reported theThis critical step towards South Africa’s removal from the FATF greylist was among the eight areas of strategic deficiencies identified by the FATF that required South Africa to address.

Among its critical recommendations, the FATF noted that South Africa needed to “ensure that competent authorities have timely access to accurate and up-to-date Beneficial Ownership information on legal persons and arrangements and applying sanctions for breaches of violation by legal persons to BO obligations”.

Patel said that the data on the beneficial ownership register is for all entity types where ownership of a person is 5% or more, and companies would be obliged to collect this information. At the same time, the CIPC will have to maintain a register for law-enforcement agencies to retrieve when pursuing cases of money laundering, terror financing and proliferation.

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