General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act | Act 22 of 2022 — South Africa law | Esheria

General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act

This section describes amendments about beneficial ownership records, director restrictions, and compliance with regulatory directives.

AI-assisted research synopsis — verify against the official legal text below.

Jurisdiction
South Africa
Instrument
Act or statute
Citation
Act 22 of 2022
Version
Undated source snapshot
Language
en
Updated
Official source
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Commission recordkeeping UN sanctions accountability accountable institution reporting accountable institutions administrative delegation administrative sanctions amendment annual return disclosure annual returns anti-money laundering appeals application of law asset screening asset/property restrictions beneficial interests beneficial ownership beneficial ownership definitions beneficial ownership records beneficial ownership registers beneficial/PEP-style classification cash movement cash transaction reporting cash transactions +196 more

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Statute overview

About this statute

This section describes amendments about beneficial ownership records, director restrictions, and compliance with regulatory directives. Section 1 adds definitions for “accountable institution” and “beneficial owner” in the Trust Property Control Act, 1988. This provision amends Article 1 by adding new definitions. This section amends trust-related wording to identify the natural person behind certain legal persons, partnerships, trustees, and named beneficiaries. This provision adds rules that disqualify certain people from being authorized as trustees.

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