Trust Property Control Act, 1988 (Act No. 57 of 1988)

11A. Beneficial ownership
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(1) A trustee must—
(a) establish and record the beneficial ownership of the trust;
(b) keep a record of the prescribed information relating to the beneficial owners of the trust;
(c) lodge a register of the prescribed information on the beneficial owners of the trust with the Master’s Office; and

[Section 11A(1)(c) inserted by section 6 of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022), GG47802, dated 29 December 2022 - effective 1 April 2023 as per (b) of Commencement Notice No. R.3241, GG48351, dated 31 March 2023]

(d) ensure that the prescribed information referred to in paragraphs (a) to (c) is kept up to date.

 

(2) The Master must keep a register in the prescribed form containing prescribed information about the beneficial ownership of trusts.

[Section 11A(2) inserted by section 6 of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022), GG47802, dated 29 December 2022 - effective 1 April 2023 as per (b) of Commencement Notice No. R.3241, GG48351, dated 31 March 2023]

 

(3)Atrustee must make the information contained in the register referred to in subsection (1)(c), and the Master must make the information in the register referred to in subsection (2), available to any person as prescribed.

[Section 11A(3) inserted by section 6 of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022), GG47802, dated 29 December 2022 - effective 1 April 2023 as per (b) of Commencement Notice No. R.3241, GG48351, dated 31 March 2023]

 

(4) The prescribed requirements referred to in this section must be prescribed after consultation with the Minister of Finance and the Financial Intelligence Centre, established by section 2 of the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001).

 

[Section 11A inserted by section 6 of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022), GG47802, dated 29 December 2022 - effective 1 April 2023 per Proclamation Notice 109(b)(iii), GG47805, dated 31 December 2022]