South Africa's Companies and Intellectual Property Commission has announced that compulsory registration of trust and company beneficial ownership will take effect on 1 April 2023, in an accelerated move following the country's grey listing by the Financial Action Task Force (FATF). The new Act amends the regulation of beneficial ownership disclosure in terms of the Companies Act 71 of 2008 (the Companies Act), the Trust Property Control Act 57 of 1988, and the Financial Sector Regulation Act 9 of 2017. The amended sections 50 and 56 of the Companies Act mean that all unregulated com...
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