The Namibian Trust Law is regulated by the Trust Moneys Protection Act 34 of 1934. The Trust Moneys Protection Act has appointed the Master of the High Court as the regulatory authority over trustees and trust moneys. The Financial Intelligence Act 13, of 2012 (herein referred to as the FIA) has further placed certain duties and responsibilities on trustees, trust practitioners, and administrators of Namibian Trusts.
Trustees and Trust Practitioners / Administrators need to comply with FIA in terms of Section 5 of the FIA and its complimentary Regulation 3, undertaking to inform the Namibian Master of the High Court via the Master`s Online System of any changes / amendments made on all registered testamentary and inter vivos trusts in respect of the Founder, each Trustee, income beneficiary and beneficial owner.
Trustees and Trust Practitioners / Administrators also need to submit the annual financial statements and tax returns of the trust to the Master of the High Court each year, and not later than seven (7) months after the end of the Trust`s financial year. This is also done via the Master`s Online System. Attached EXTERNAL DIRECTIVE 1 0F 2022 (TRUSTS) by The Master of the High Court dated 30 June 2022.
The Financial Intelligence Centre (FIC) assists the Government of the Republic of Namibia in preventing and combatting Money Laundering (ML), Terrorism Financing (TF) and Proliferation Financing (PF). Trusts have been identified internationally as a popular vehicle for ML/TF/PF activities. The Master of the High Court is thus required to identify and keep up-to-date records of natural or legal persons that is connected to or benefit from a registered trust.
Emphasis will thus be placed on “collect and keep up-to-date” in terms of Section 5 (1) (b) of the FIA.
In the event of Trustees / Trust Practitioners / Administrators failing to comply with Section 5 of the FIA, the deregistration process will be implemented as per DIRECTIVE NO 3 OF 2021, issued by the FIC (Financial Intelligence Centre) – attached hereto.
FHBC Consultants (Namibia) (Pty) Ltd is registered with The Ministry of Justice and delivers this service for our Namibia trust clients linked to our profile. We are also required to check the info of our clients on the Master`s Online System to whom we are the administrators and captured and uploaded the necessary info and documents as prescribed. We will keep you up to date and request any outstanding information as may be applicable.
Should you have any enquiries, please contact Elsabé le Roux at email@example.com or Arné Bester at firstname.lastname@example.org.