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| South Africa NATIONAL LEGISLATION OVERVIEWS  |
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General Laws (Anti-Money
Laundering and Combating of Terrorism Financing) Amendment Act, No.
22 of 2022** (VersionA)
NOTE: Assented to and published in English, with alternative copy in Afrikaans (Title/Text/Engrossing text) and NSotho (Title/Text/Engrossing text)
NOTE Act 2022_022_000_20221229 was published in two versions - the first we refer to as Act 2022_022A_000_20221229 which contained printing errors and the second which corrected the printing errors, which we refer to as Act 2022_022B_000_20221229 that substuted Act 2022_022A_20221229]**
NOTE ON PUBLICATION ERROR: Act 2022_022_000_20221229 was published twice in different versions: The first version, which LegalB refers to as Act 2022_022A_000_20221229_47802_0690_1532 was published on Thursday 2022/12/29 with printing errors that obscured the text at the bottom of some pages which affected Act 2022_022A_025, 039, and 054 (which, respectively, amend Act 2001_038_025, 031F and Index). This was corrected by publishing Act 2022_022B_000_20221229 on Wednesday 2023/01/04 in GG20221229_47815_0690_1535, which corrected the printing error.
NOTE ON COMMENCEMENT ERROR: Commencement Notice GG20221231_47805_0693_0109 commenced various sections of Act 2022_022A_000_20221229 that were affected by the printing error referred to above (being Act 2022_022_025, 039 and 054 which in turn amended, respectively, Act 2001_039_025, 031F and Index) wef 2022/12/31, which is before the printing error was corrected by the publication of Act 2022_022B_000_20221229 (which was actually published on 2023/04/01 but the Gazette was backdated to 2022/12/29). Please see Commentary on implications.
NOTE: Assented to and published in English, with alternative copy in Afrikaans (Title/Text/Engrossing text) and NSotho (Title/Text/Engrossing text)
NOTE Act 2022_022_000_20221229 was published in two versions - the first we refer to as Act 2022_022A_000_20221229 which contained printing errors and the second which corrected the printing errors, which we refer to as Act 2022_022B_000_20221229 that substuted Act 2022_022A_20221229]**
NOTE ON PUBLICATION ERROR: Act 2022_022_000_20221229 was published twice in different versions: The first version, which LegalB refers to as Act 2022_022A_000_20221229_47802_0690_1532 was published on Thursday 2022/12/29 with printing errors that obscured the text at the bottom of some pages which affected Act 2022_022A_025, 039, and 054 (which, respectively, amend Act 2001_038_025, 031F and Index). This was corrected by publishing Act 2022_022B_000_20221229 on Wednesday 2023/01/04 in GG20221229_47815_0690_1535, which corrected the printing error.
NOTE ON COMMENCEMENT ERROR: Commencement Notice GG20221231_47805_0693_0109 commenced various sections of Act 2022_022A_000_20221229 that were affected by the printing error referred to above (being Act 2022_022_025, 039 and 054 which in turn amended, respectively, Act 2001_039_025, 031F and Index) wef 2022/12/31, which is before the printing error was corrected by the publication of Act 2022_022B_000_20221229 (which was actually published on 2023/04/01 but the Gazette was backdated to 2022/12/29). Please see Commentary on implications.
Long title
To amend-
-
the Trust Property Control Act, 1988, by inserting definitions of
"‘accountable institution’" and "beneficial owner"; by imposing certain
requirements on trustees; by specifying matters that would disqualify a
person from being appointed or continuing to act as a trustee; by
clarifying that a person who was appointed outside the Republic as
trustee must be authorised by the Master to act as trustee; by
providing for the removal of a trustee who becomes disqualified to
continue to act as a trustee; by specifying information that must be
kept by trustees in relation to beneficial owners in relation to
trusts; by requiring the Master to maintain a register containing
information relating to beneficial ownership of trusts, and providing
for access to information regarding beneficial ownership; and by
specifying certain offences;
- the Nonprofit Organisations Act, 1997, by requiring registration of specified nonprofit organisations in terms of the Act; by enabling the Nonprofit Organisations Directorate, in order to perform its functions, to collaborate, co-operate, co-ordinate and enter into arrangements with other organs of state; by clarifying the scope of powers of the director in relation to the registration and cancellation of registration of nonprofit organisations, and in respect of the power to require amendments to be effected to the constitution of a nonprofit organisation; by requiring registered nonprofit organisations to submit prescribed information about the office-bearers, control structure, governance, management, administration and operations of nonprofit organisations to the director; to require prescribed information relating to the office-bearers, control structure, governance, management, administration and operations of registered nonprofit organisations to be included in the register that the director must keep, and by providing for access to that information; by providing for grounds for disqualification for a person to be appointed or continuing to act as an office-bearer of a registered nonprofit organisation; by providing for the removal of an office-bearer; and by providing for certain contraventions;
- the Financial Intelligence Centre Act, 2001, by amending the definitions of "beneficial owner", "domestic prominent influential person" and "foreign prominent public official", and inserting a definition of "prominent influential person"; by amending the objectives of the Financial Intelligence Centre ("Centre"); by amending the functions of the Centre to include the provision of forensic information; by empowering the Centre to request information held by other organs of state; by providing for additional and ongoing due diligence measures, and by amending the process followed when there are doubts about the veracity of information; by aligning certain provisions and
Schedules 3A and 3B to appropriately refer to domestic and foreign [sic - text hidden under white space] ... [sic - failure to complete sentence]
"politically exposed persons", as distinct from "politically influential persons", who will be dealt with in a new Schedule 3C; by amending certain provisions relating to resolutions of the Security Council of the United Nations; by amending the powers of access by authorised representatives to records of accountable institutions; by enabling the Centre to renew a direction not to proceed with a transaction; by providing for the safeguarding of information; by amending the provisions relating to the disclosure of information to the Centre and access to information by the Centre; by empowering the Minister to prescribe appropriate requirements relating to the access to personal information to ensure that adequate safeguards are in place as required by section 6(1)(c) of the Protection of Personal Information Act, 2013; by amending certain provisions relating to the risk management and compliance programme; by amending the offences provisions to empower the imposition of an administrative sanction; by amending the provision relating to the amendment by the Minister of Schedule 2; by amending Schedules 2, 3A and 3B, and by inserting a new Schedule 3C; and by substituting the index for an arrangement of sections;
- the Companies Act, 2008, by inserting definitions of "affected company" and "beneficial owner"; by providing for a comprehensive mechanism through which the Companies and Intellectual Property Commission can keep accurate and updated beneficial ownership information; by requiring a company to keep a record of a natural person who owns or controls the company in terms of the definition of "beneficial owner", and by providing for specified timelines within which the company must record any changes in this information; by requiring a company to file a record of any natural person who owns or controls the company in terms the definition of "beneficial owner", with the Commission; and by specifying that persons who are convicted of offences relating to money laundering, terrorist financing, or proliferation financing activities or are subject to a resolution of the UN Security Council are prohibited from registering as company directors; and
- the Financial Sector Regulation Act, 2017, by providing that a financial institution, key person, representative or contractor to which a regulator's directive in terms of Part 2 of Chapter 10 has been issued must comply with the directive; by inserting a new Chapter dealing with beneficial owners into the Act, which provides a definition of ‘‘beneficial owner’’, and empowers standards and regulator’s directives to be made in relation to beneficial owners;
- the Nonprofit Organisations Act, 1997, by requiring registration of specified nonprofit organisations in terms of the Act; by enabling the Nonprofit Organisations Directorate, in order to perform its functions, to collaborate, co-operate, co-ordinate and enter into arrangements with other organs of state; by clarifying the scope of powers of the director in relation to the registration and cancellation of registration of nonprofit organisations, and in respect of the power to require amendments to be effected to the constitution of a nonprofit organisation; by requiring registered nonprofit organisations to submit prescribed information about the office-bearers, control structure, governance, management, administration and operations of nonprofit organisations to the director; to require prescribed information relating to the office-bearers, control structure, governance, management, administration and operations of registered nonprofit organisations to be included in the register that the director must keep, and by providing for access to that information; by providing for grounds for disqualification for a person to be appointed or continuing to act as an office-bearer of a registered nonprofit organisation; by providing for the removal of an office-bearer; and by providing for certain contraventions;
- the Financial Intelligence Centre Act, 2001, by amending the definitions of "beneficial owner", "domestic prominent influential person" and "foreign prominent public official", and inserting a definition of "prominent influential person"; by amending the objectives of the Financial Intelligence Centre ("Centre"); by amending the functions of the Centre to include the provision of forensic information; by empowering the Centre to request information held by other organs of state; by providing for additional and ongoing due diligence measures, and by amending the process followed when there are doubts about the veracity of information; by aligning certain provisions and
Schedules 3A and 3B to appropriately refer to domestic and foreign [sic - text hidden under white space] ... [sic - failure to complete sentence]
"politically exposed persons", as distinct from "politically influential persons", who will be dealt with in a new Schedule 3C; by amending certain provisions relating to resolutions of the Security Council of the United Nations; by amending the powers of access by authorised representatives to records of accountable institutions; by enabling the Centre to renew a direction not to proceed with a transaction; by providing for the safeguarding of information; by amending the provisions relating to the disclosure of information to the Centre and access to information by the Centre; by empowering the Minister to prescribe appropriate requirements relating to the access to personal information to ensure that adequate safeguards are in place as required by section 6(1)(c) of the Protection of Personal Information Act, 2013; by amending certain provisions relating to the risk management and compliance programme; by amending the offences provisions to empower the imposition of an administrative sanction; by amending the provision relating to the amendment by the Minister of Schedule 2; by amending Schedules 2, 3A and 3B, and by inserting a new Schedule 3C; and by substituting the index for an arrangement of sections;
- the Companies Act, 2008, by inserting definitions of "affected company" and "beneficial owner"; by providing for a comprehensive mechanism through which the Companies and Intellectual Property Commission can keep accurate and updated beneficial ownership information; by requiring a company to keep a record of a natural person who owns or controls the company in terms of the definition of "beneficial owner", and by providing for specified timelines within which the company must record any changes in this information; by requiring a company to file a record of any natural person who owns or controls the company in terms the definition of "beneficial owner", with the Commission; and by specifying that persons who are convicted of offences relating to money laundering, terrorist financing, or proliferation financing activities or are subject to a resolution of the UN Security Council are prohibited from registering as company directors; and
- the Financial Sector Regulation Act, 2017, by providing that a financial institution, key person, representative or contractor to which a regulator's directive in terms of Part 2 of Chapter 10 has been issued must comply with the directive; by inserting a new Chapter dealing with beneficial owners into the Act, which provides a definition of ‘‘beneficial owner’’, and empowers standards and regulator’s directives to be made in relation to beneficial owners;
and to provide for matters connected therewith.
Table of contents
| SECTION | TITLE |
| 1. | Amendment of section 1 of Act 57 of 1988 |
| 2. | Amendment
of section 6 of Act 57 of 1988 |
| 3. | Amendment
of section 8 of Act 57 of 1988 |
| 4. | Amendment
of section 10 of Act 57 of 1988 |
| 5. | Amendment
of section 11 of Act 57 of 1988 |
| 6. | Insertion
of section 11A in Act 57 of 1988 |
| 7. | Amendment
of section 19 of Act 57 of 1988 |
| 8. | Amendment of section 20 of Act 57 of 1988 |
| 9. | Amendment
of section 2 of Act 71 of 1997 |
| 10. | Amendment
of section 5 of Act 71 of 1997 |
| 11. | Amendment
of section 12 of Act 71 of 1997 |
| 12. | Amendment
of section 13 of Act 71 of 1997 |
| 13. | Amendment
of section 18 of Act 71 of 1997 |
| 14. | Amendment
of section 24 of Act 71 of 1997... |
| 15. | Insertion
of Chapter 3A in Act 71 of 1997 |
| 16. | Amendment
of section 21 of Act 71 of 1997 |
| 17. | Amendment
of section 29 of Act 71 of 1997 |
| 18. | Amendment
of section 1 of Act 38 of 2001... |
| 19. | Amendment of section 3 of Act 38 of 2001... |
| 20. | Amendment
of section 4 of Act 38 of 2001 |
| 21. | Amendment
of section 5 of Act 38 of 2001 |
| 22. | Amendment
of section 21B of Act 38 of 2001... |
| 23. | Amendment
of section 21C of Act 38 of 2001... |
| 24. | Substitution
of section 21D of Act 38 of 2001... |
| 25. | Amendment
of section 21F of Act 38 of 2001... |
| 26. | Amendment
of section 21G of Act 38 of 2001... |
| 27. | Amendment
of section 21H of Act 38 of 2001... |
| 28. | Substitution
of section 26A of Act 38 of 2001... |
| 29. | Amendment of section 26B of Act 38 of 2001... |
| 30. | Amendment
of section 26C of Act 38 of 2001... |
| ... [sic - no number label - possibly intended as a s31** | Amendment of section 27A of Act
38 of 2001... [NOTE: Contains text which is not linked to a section number, and which is incomplete]** |
| 32. | Amendment
of section 28A of Act 38 of 2001... |
| 33. | Amendment
of section 34 of Act 38 of 2001... |
| 34. | Amendment of section 35 of Act 38 of 2001... |
| 35. | Amendment
of section 36 of Act 38 of 2001... |
| 36. | Amendment
of section 37 of Act 38 of 2001... |
| 37. | Amendment
of section 40 of Act 38 of 2001... |
| 38. | Amendment
of section 41A of Act 38 of 2001... |
| 39. | Amendment of section 42 of Act 38 of 2001... |
| 40. | Amendment
of section 49A of Act 38 of 2001... |
| 41. | Amendment
of section 50 of Act 38 of 2001... |
| 42. | Amendment
of section 52 of Act 38 of 2001 |
| 43. | Substitution
of section 57 of Act 38 of 2001... |
| 44. | Amendment of section 59 of Act 38 of 2001 |
| 45. | Amendment of
section 64 of Act 38 of 2001 |
| 46. | Amendment of
section 75 of Act 38 of 2001... |
| 47. | Amendment of
section 79A of Act 38 of 2001... |
| 48. | Amendment of section 79B of Act 38 of 2001.. |
| 49. | Insertion of
section 79C in Act 38 of 2001 |
| 50. | Amendment of
Schedule 2 to Act 38 of 2001... |
| 51. | Amendment of Schedule 3A to Act 38 of 2001... |
| 52. | Amendment of
Schedule 3B to Act 38 of 2001... |
| 53. | Insertion of
Schedule 3C in Act 38 of 2001 |
| 54. | Substitution of Index of Act 38 of 2001 |
| 55. | Amendment of
section 1 of Act 71 of 2008... |
| 56. | Amendment of
section 33 of Act 71 of 2008... |
| 57. | Amendment of
section 50 of Act 71 of 2008... |
| 58. | Amendment of
section 56 of Act 71 of 2008... |
| 59. | Amendment of section 69 of Act 71 of 2008... |
| 60. | Amendment of
section 122 of Act 71 of 2008... |
| 61. | Amendment of
Arrangement of Sections [NOTE: iro Act 2008_071_000] |
| 62. | Amendment of
section 159 of Act 9 of 2017 |
| 63. | Insertion of
Chapter 11A and sections 159A to 159C in Act 9 of 2017 |
| 64. | Amendment of
long title of Act 9 of 2017 |
| 65. | Amendment of
Arrangement of Sections of Act 9 of 2017 |
| 66. | Short title and commencement |
Legislation Text Access Point
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| As
unamended Act 2022_022A_000_20221229_47802 NOTE: Act 2022_022_000 was published twice. The 1st version, which contained printing errors, we refer to as Act 2022_022A_000_20221229. The 2nd version republished the Act without printing errors, and a note that it was to correct the errors, and which we refer to as Act 2022_022B_000_20221229 |
EXT.LINK | REQ.INFO | LINK |
As unamended Act 2022_022B_000_20221229_47815 NOTE: Act 2022_022_000 was published twice. The 1st version, which contained printing errors, we refer to as Act 2022_022A_000_20221229. The 2nd version was corrected by way of a republication of the Act without printing errors, and a note that it was to correct the errors, and which we refer to as Act 2022_022B_000_20221229. We have corrected Act 2022_022A_000_20221229, and amended Act 2022_022A_000_20221229 - not Act 2022_022B_000_20221229 | EXT.LINK | REQ.INFO | LINK |
| As amended by ... | N/A | REQ.INFO | LINK |
* LegalB refers to a "version" of an Act or its sections in the format "YYYY_NNN_SSS_YYYYMMDD", which refers to "YEAR OF ACT_ACT NUMBER_SECTION OF ACT_DATE OF GAZETTE", and where "DATE OF GAZETTE" refers to the "YEAR_MONTH_DAY" on the face of the Gazette in which either the Act was originally published or in which the amending, lapsing or repealing instrument was published. Where any segment of the reference string contains only zeros, it means that information is not relevant, not made available, or unavailable.
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