Amendments to the Trust Property Control Act (“the Act”) and the implications for the trust and it’s trustees

published on 5 April 2023 | reading time approx. 2 minutes​

Amendments to the Trust Property Control Act (“the Act”) and the implications for the trust and it’s trustees

• Accountable Institutions as defined in the Financial Intelligence Centre Act; and 
• Beneficial owner, in respect of the provisions of a trust instrument means:

• A natural person who directly or indirectly ultimately owns the relevant trust property;
• A natural person who exercises effective control of the administration of the trust arrangements that are established pursuant to a trust instrument;
• Each founder of the trust; or
  
• If a founder of the trust is a legal person, a person acting on behalf of a partnership or in pursuance of the provisions of a trust instrument, the natural person who directly or indirectly ultimately owns or exercises effective control of that legal person or partnership or the relevant trust property or trust arrangements pursuant to that trust instruments;
• Each trustee of the trust; or
  
• If a trustee of the trust is a legal person, a person acting on behalf of a partnership, the natural person who directly or indirectly ultimately owns or exercises effective control of that legal person or partnership; and;
• Each beneficiary referred to by name in the trust instruments or other founding instrument in terms of which the trust is created; or
• If a beneficiary referred to by name in the trust instrument is a legal person, a partnership or a person acting in pursuance of the provisions of a trust instrument, the natural person who directly or indirectly ultimately owns or exercises effective control of that legal person or partnership or the relevant trust property or trust arrangements pursuant to that trust instruments.