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Invequity Client Practice Note

JUNE 2024

Invequity Client Practice Note

JUNE 2024

Why Ultimate Beneficial Ownership Cannot Be Used for B-BBEE Ownership Assessment

Ultimate Beneficial Ownership (UBO) was recently introduced through amendments to the Companies Act 71 of 2008 (the Companies Act), enacted by the General Laws Amendment Act 22 of 2022. These changes aim to combat money laundering and help remove South Africa from the Financial Action Task Force (FATF) grey list.

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