What is beneficial ownership and why should you care? If you're a business owner in South Africa, you must pay attention to the words "beneficial ownership." It's one of the biggest things that will affect your business and ultimately, your income. The Financial Action Task Force is an international group organisation that makes the rules and regulations to prevent money laundering and terrorist financing. In a nutshell, they decide what the rules are for the flow of money in and between countries. But why is this affecting businesses in South Africa? In February 2023 South Africa was placed on the grey because the FATF identified 22 technical deficiencies that allowed the flow of money without financial institutions flagging them. South has been given until October 2024 to put measures in place to counter the financing of serious crimes. The Beneficial Ownership Register is one of these measures. The Companies Intellectual and Properties Commission, the CIPC, launc
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