Regulatory Alerts2026-08-11
Added
Trusts (Amendment) Act, 2026
This Act amends the Trusts Act, 2021 (Act 34 of 2021) by inserting definitions for "designated non-financial businesses or professions" and "financial institution" aligned with the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020 (Act 5 of 2020). Section 28 is modified to require trustees to maintain accurate and up-to-date information in the trust register, while Section 29 clarifies that trustees furnishing information in good faith for compliance with the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020 do not breach confidentiality or fiduciary duties. Additionally, Section 37 mandates trustees to comply with disclosure requests from these entities for compliance with that Act unless the trustee reasonably considers the request is ambiguous, disproportionate, or not directly related, in which case the trustee may apply to the Court for directions.
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