The purpose of the new act is to address any shortcomings in the current legislation that deals with combatting money laundering and terrorist financing.The Act grants the government a wider authority to regulate access to private information–especially regarding trusts–with the goal of disclosing the beneficial owners and ultimate controllers of trusts, companies, and non-profit organisations.
As the implementation of the new laws commences, legal practitioners, business owners, and other stakeholders will need to stay up to date with the latest developments in the legislation and regulations. Sabinet’s Customised Monitoring Service monitors activity to provide its customers with summaries of amendments to Acts when they occur.
In addition, Sabinet offers an easily navigable interface, making it quicker and easier to find the specific laws and regulations that are relevant to the user and to quickly identify any changes or updates that have been made to the legislation.