The administration of trusts in South Africa is governed by the provisions of the Trust Property Control Act, 57 of 1988.  The Act provides for two types of trust, being inter-vivos and testamentary trusts.  Inter-vivos trusts are registered with the Master of the High Court in the geography wherein the greatest portion of trust assets are situated.  Testamentary trusts arise in death, through the vehicle of the will of the deceased (and hence the name “testamentary”).

The General Laws (Anti Money Laundering and Combating Terrorism Funding) Amendment Act impacts all inter-vivos trusts.  It was signed into law in 2022 and came into effect on 1 April 2023 as a core pillar of South Africa’s strategy to improve the country’s grey listing status. The impact of this Amendment Act is to ensure a greater degree of transparency and reduce the scope for money laundering activities. Under the terms of these amendments, trustees are now required to maintain registers of beneficial ownership, record details of accountable institutions and lodge trust beneficial ownership declarations with the Master of the High Court.