Accurate and honest trust tax returns by 20 January 2025 - 15 January 2025

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Trustees and service providers often underestimate the effort that should go into ensuring a correct trust tax return is submitted and that the necessary cross-checking has been done. The following pointers will assist trustees and trust service providers in remaining out of the claws of SARS.

Master’s urgent final call for assistance from trustees to improve compliance by 18 December 2024 - 13 December 2024

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Even though government issued various communications, they did not seem to have reached the correct audience; as to today, there are still many trust service providers who are not aware of the ‘new’ requirements, leaving their clients exposed.

Time to review your trust? - 4 December 2024

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It is that time of the year again when South Africans dust off their wills and insurance policies before they take the long road to their holiday destinations. This is also a perfect time to dust off the trust deed and your estate plan. Some people do introspection whilst on the beach, and personal affairs, including estate plans and trusts, are often high on the agenda for the start of 2025.

Will the blame game between trustees, accountants, and service providers start soon? - 15 November 2024

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South Africa was greylisted by the Financial Action Task Force (FATF) in February 2023 for failing to meet international standards on money laundering, terrorist financing, and proliferation financing. The FATF is an intergovernmental body that assesses countries’ ability to combat illicit financial activity. Remaining on the FATF’s greylist would negatively impact all South Africans, both reputationally and economically. Government is, therefore, making a concerted effort to exit the greylist in early 2025, two years after we have been greylisted. One of the outstanding action items that must be addressed for the last scheduled reporting cycle, concluding in February 2025, is timely access to beneficial ownership information concerning companies and trusts.

Master’s call to action to have South Africa removed from greylist - 30 October 2024

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When South Africa was greylisted by the Financial Action Task Force (FATF) in February 2023, many people believed that its damaging effect was already anticipated and largely priced in by the financial markets at that time and, therefore, did not present a significant further risk to the stability of the South African economy.

Role of ‘dormant’ and deregistered trusts in drive to be removed from greylist - 10 October 2024

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When South Africa was greylisted by the Financial Action Task Force (FATF) in February 2023, many people believed that its damaging effect was already anticipated and largely priced in by the financial markets at that time and, therefore, did not present a significant further risk to the stability of the South African economy.

Deadline for trustees to submit Beneficial Ownership information to the Master - 3 October 2024

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While attending an inter-regional peer exchange on Beneficial Ownership Transparency and the Role of Trusts, organised by Open Ownership (OO), the United Nations Office on Drugs and Crime (UNODC), the Stolen Asset Recovery Initiative (StAR), hosted by the Namibian Ministry of Justice, it became clear that many countries are scrambling to improve their transparency measures for trusts. The Financial Action Task Force (FATF) sets international standards through its Regulations, specifically Regulation 25 for trusts.

Trustees’ role in exiting the greylist - 12 September 2024

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South Africa was greylisted in 2023 by the global financial crime watchdog, the Financial Action Task Force (FATF), created under the Group of 7 countries (G7) to combat international money laundering and, after 2001, terrorist financing, for not complying with international standards. This increased reputational risk, limited inward foreign investment, and made it more difficult for South Africans to access foreign capital as foreign businesses and banks require more due diligence.