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

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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

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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

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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.

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.