Tag: Trust Property Control Act (TPCA)

It is that time of year again when you are swapping out your summer wardrobes for your festive season attire. You are having a long-overdue de-clutter and booking annual check-ups for the family. While you are at it, take the opportunity for your annual personal estate review to re-evaluate your estate documents and give the administrative side of your life a thorough spring-clean too!

Gone are the days of box-ticking. The Financial Sector Conduct Authority (FSCA) has recently imposed administrative sanctions on two financial services providers (FSPs), in each case for failing to comply with certain provisions of the Financial Intelligence Centre Act (FICA). 

Locally, as trust compliance becomes more complex and trusts become more costly to administer, their value is increasingly being questioned. However, a trust’s worth extends beyond its financial benefits, and as such, they are still very relevant tools to use in a well-crafted estate plan, especially for high-net-worth families. 

In February this year, South Africa was greylisted by the Paris-based Financial Action Task Force (FATF) because of its failure to comply with its standards and measures to combat illicit financial flows, terrorist funding and potential threats to the integrity of the global financial system. This step is the consequence of the endemic corruption, generally referred to as “state capture” which has long prevailed in the country.