Know your obligations in terms of the Financial Intelligence Centre Act
Riane Barnard and Trisa Naidu review the obligations of accountable institutions in terms of the FICA legislation:
Financial crimes such as money laundering activities, tax evasion and the financing of terrorist and related activities pose a large burden on private individuals, businesses and financial institutions. The need for an effective policy and compliance framework is therefore crucial. Fortunately, the law initially established the Financial Action Task Force (“FATF”), who together with the international environment eventually put pressure on the development of the Financial Intelligence Centre Act 38 of 2001 (“the FICA”)... Read More
Employment Law: Are recovering losses and issuing warnings in disciplinary proceedings “double jeopardy”?
In taking disciplinary action against an employee, various factors need to be considered in order to ascertain the appropriateness of the sanction to impose against the employee for their actions. The general principle is that corrective discipline should be applied where it is possible to correct the employee’s behaviour. An employee can generally be rehabilitated where remorse is shown, the actions of the employee were not intentional or malicious, and where the trust relationship has not completely broken down. The issuing of warnings in these instances would serve to prevent any future transgressions by the employee... Read More
Trust Assets: Do they form part of the joint estate?
Trisa Naidu examines the law established in WT & others v KT, the recent judgment handed down by the Supreme Court of Appeal regarded the issue of whether assets of a discretionary family trust form part of the joint estate of parties married in community of property.
The brief facts:
WT [plaintiff], who was married in community of property to KT [defendant], instituted divorce proceedings in the Gauteng Local Division in January 2010.
KT did not oppose the divorce proceedings neither the ancillary relief sought by her husband... Read More
Fracking in the Karoo: It all now hinges on the environmental assessment and the law.
The first “green” light has been given to shale gas fracking in the Karoo basin. The South African government promulgated the relevant regulations authorising exploration and the process has begun.
However, it is a condition that exploration and production activities related to petroleum are subject to the requirements of the National Environmental Management Act and any relevant specific environmental management legislation.
Before exploration and production activities related to petroleum may commence, the holders must be in possession of an Environmental Authorisation issued in terms of the Environmental Impact Assessment Regulations, 2014... Read More
Section 37C of the Pension Funds Act: a deviation from the freedom of testation
Busisiwe Bam takes a look at section 37C pf the Pension Funds Act and how it in fact restricts the wishes expressed in a will.
Section 37C makes provision for the disposition of pension benefits upon the death of a member. In terms of this section any benefit payable by a fund upon the death of a member shall not form part of the assets of the deceased estate of such member but shall be dealt with by the board of trustees of that particular fund in the manner prescribed in terms of said fund... Read More
Employment Law: Resignation with immediate effect and the legal consequences
Labournet’s Adri Louw advises on the legal consequences of the termination of a contract of employment “with immediate effect”.
A contract of service for an indefinite period can be terminated by one party giving notice of intention to terminate the contract to the other. Notice in this instance need not be provided for in the contract itself as it is an inherent feature of an indefinite contract, and if there is no agreed notice period, the notice must be reasonable, provided that it is not less than the minimum notice prescribed in section 37 of the BCEA... Read More
CBD property developments: be prepared before you develop
Louw Malherbe considers the pitfalls of central city property development, where developers are often confronted with the unknown and have to deal with title conditions which are not always disclosed in conventional searches.
A developer wanting to develop a building project in a CBD must first and foremost instruct its legal representatives to do an in-depth investigation into servitudes, conditions and/or endorsements registered against the titles of the properties on which the development will take place. In general, and after careful investigation and perusal of present and historic title deeds, a legal representative may feel at ease to submit a positive report to the client if no restrictions are found against such Development Land that will stand in the way of the Development... Read More