Elliotts Attorneys

29/01/2024

The below information may be especially applicable to stud breeders who sell bulls for more than R100K

A HVGD is defined as a person (natural or juristic) who carries on the business of dealing in high-value goods in respect of any transaction where such a business receives payment in any form to the value of R100 000 or more, whether the payment is made in a single operation or in more than one operation that appears to be linked. The term “high-value goods” means any item that is valued in that business at R100 000 or more.

Most notable within the umbrella of HVGDs are motor vehicle dealerships (previously reporting institutions, which category has now been repealed) and dealers in precious metals and stones eg: Kruger rand dealers (also previously reporting institutions), but these examples are by no means exhaustive. HVGs, however, are intended to refer to movable, physical items such as gold, diamonds, antiques, fine art, helicopters, aircraft, luxury yachts and motor vehicles rather than shares and trading stock. These previously reporting institutions will automatically be converted to AIs on the FIC’s registration and reporting platform, goAML, but should deregister from goAML should they not meet the above definitions’ requirements.

There is a focus on this AI in the retail sector, where these HVGs are consistently, and as part of the general ordinary course of business, being traded, sold or bought. The means of payment for these HVGs is also not limited so therefore could be bought, sold or traded for cash, via EFT or through cryptocurrency. The full R100 000 threshold amount does not have to be paid at once for a business to be considered a HVGD, as long as the total payment made is R100 000 or more. For F**A purposes, a HVGDs client who purchases an item (eg: a diamond ring) of R100 000 is required to undergo the full suite of CDD obligations, whereas if the client purchases a motor vehicle part, watch or piece of art for an amount below the above mentioned threshold, F**A would not need to be performed on this client, but a reporting obligation would still arise nonetheless should a transaction or activity be deemed as suspicious.

03/01/2024

Dear Clients,

Please note that our phone lines are down at the moment as well as our internet.

27/11/2023

A bit of information that we want to disseminate to you is that the company’s act and regulations have been amended. Should you be involved in the company, please ensure that your securities register has been filed with the companies and intellectual property commission, together with your annual returns.

Wishing you all the best, and if no correspondence from us by the end of the year, we wish you blessed and safe Christmas and we look forward to dealing with you in the new year.

27/11/2023

IMPORTANT NOTICE

DUE TO AN AMENDMENT TO THE FINANCIAL INTELLIGENCE CENTRE ACT IT HAS NOW BECOME COMPULSARY FOR THE MASTER’S OFFICE TO COMPLETE A ROSTER OF ALL THE FINAL BENEFICIARIES OF ALL TRUSTS.

IF YOU ARE INVOLVED IN A TRUST, IT IS IMPERATIVE THAT YOU GET HOLD OF YOUR TRUSTEES AND POSSIBLY YOUR INDEPENDENT TRUSTEE TO ASSIST YOU IN UPDATING YOUR INFORMATION ON THE MASTER’S OFFICE PORTAL.

21/11/2023

Having a will is one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children, and assets, it can also spell out exactly how you would like things handled after you have passed on. Call us on 0436831300 to make an appointment

21/11/2023

14/02/2018

Wishing all our clients a Happy Valentines Day!

19/01/2018

Dear Client

CIPC will be doing a deregistration run on the 2nd of February 2018. ALL companies and close corporations who have not submitted all outstanding CIPC returns before 1 February 2018 will be deregistered.

This only applies to companies and close corporations that was referred for deregistration in December 2016 and again in December 2017.

Please contact us urgently before the 31st of January 2018 should you need assistance in the lodgement of your outstanding returns so that we can have everything processed before the 1st of February 2018

19/12/2017

To all our clients involved in trusts, please ensure that you have atleast one totally independent trustee, failing this your trust will be invalid. This was recently brought to our attention.