Author: Hawken McEwan

In the ongoing battle against financial crime, South Africa has taken a significant step forward. The Financial Intelligence Centre (FIC) has recently issued new guidance on Ultimate Beneficial Ownership (UBO), lowering the threshold expected for identifying controlling ownership from 25% to 5%. This change, detailed in Public Compliance Communication 59 (PCC59), represents a crucial shift in our approach to combating money laundering, corruption, and other financial crimes. Understanding the change For years, it was generally understood that a 25% shareholding was sufficient to establish ownership or control of a company. However, criminals have become increasingly sophisticated, often using complex webs…