Final, unchallengeable verdict on the number of trustees required to sign resolutions - 2 September 2025

~ Written by ~

The courts recently caused significant uncertainty and anxiety regarding trustee decision-making. Since 2023, they have fluctuated between requiring all trustees to approve and sign trustee resolutions for transactions with third parties and recognising that a trust deed can specify the number of trustees needed to authorise transactions.

Exiting the greylist setting the tone for increased compliance efforts, also for non-compliant trustees - 28 October 2025

~ Written by ~

The Financial Action Task Force (FATF) announced on 24 October 2025 that South Africa has been removed from the FATF greylist, also known as the “Jurisdictions under Increased Monitoring” list. This follows the conclusion of the FATF Plenary meetings, held from 22 to 24 October 2025 in Paris, France. South Africa was added to the greylist in February 2023 after the FATF conducted a mutual evaluation in November 2019 and published its report in October 2021.

Not clear if trustees have to comply with the Promotion of Access to Information Act (PAIA)

~ Written by ~

A recent deadline for relevant entities to submit their PAIA Annual Returns by 30 June 2025 has raised the question of whether trusts are included among the entities covered by the PAIA. The PAIA’s primary aim is to grant individuals the right to access information held by both public and private bodies, thereby fostering a more transparent and accountable society. Section 32 of our Constitution states that “Everyone has a right of access to any information held by the state and any information held by another person that is required for the exercise or protection of any rights.”

Another deadline for Trustees - 30 June 2025

~ Written by ~

Many trustees and trust service providers are unaware that they have yet another deadline – to submit their Promotion of Access to Information Act 2 of 2000  (PAIA) reports to the Information Regulator. The current reporting period for PAIA annual reports covers the 2024/2025 period (1 April 2024 to 31 March 2025). 

Lessons to trustees and trust funders from massive SARS ‘fine’ - 4 June 2025

~ Written by ~

Historically, trusts’ financials, if they were prepared, did not receive the attention they deserved from trustees. Typically, under pressure from often unforeseen deadlines, it was left to the accountant to make do with bank statements, if they existed for the trust, or to literally compile the trust’s financial statements on a one-page journal, massaging the numbers until they appeared satisfactory.

Another immediate “deadline” for trust and company service providers (TCSPs)

~ Written by ~

More than two years ago, South Africa was found to have insufficiently addressed money laundering and terrorist financing, leading to its greylisting by the Financial Action Task Force (FATF). This greylisting has significant economic and reputational consequences for any country, prompting South Africa to set a deadline of January 2025 to fulfil all requirements for removal from the greylist.

Why have we not exited FATF’s greylist? - 4 March 2025

~ Written by ~

Have we done enough as a country to be removed from the Financial Action Task Force (FATF’s) greylist? Not yet. So, what has hindered us from fulfilling our promise?

Are you as “trust and company service provider” registered with the FIC? - 29 January 2025

~ Written by ~

Following South Africa’s greylisting in early 2023, the FIC has collaborated with various stakeholders to remove the country from the grey list, aiming for early 2025.