The implications and effect of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022, on the Trust Property Control Act 57 of 1988

Abstract

The General Laws Amendment Act was promulgated as a result of efforts by South Africa to meet the recommendations by FATF and thereby to avoid being grey listed. The General Laws Amendment Act however introduced concepts (English concepts) which were foreign to the South African trust law principles. The aim of this study is to appraise the amendments introduced in the TPCA by the General Laws Amendment Act and to determine whether they are theoretically sound, practical and finally whether they achieve the aims and objectives of the Act. This study further undertook a comparative analysis with regards the concept of “beneficial owner” as applied in Namibia and Botswana and other provisions in their trust law legislation.