Recently tabled in the House of Assembly, the Proceeds of Crime Amendment (No.3) Act 2017
("PCA3") will have the effect of extending regulatory
reach to lay trustees.
Some of you already act as a trustee for a friend or family
member. Others will be asked to do so in future. The playing field
is changing for lay trustees and it is important to fully
understand the responsibilities of the position.
A "trust" has historically been conceptualised as a
"personal relationship" between trustee and settlor.
Trustees were trusted friends, advisors or business associates of
the settlor, at least familiar, if not intimately acquainted, with
the settlor's personal circumstances, who took on the noble
responsibility of holding and administering a trust fund for the
benefit of the settlor's chosen class of beneficiaries. There
was then, and remains to this day, tremendous value in a trustee
being personally knowledgeable about the settlor's concerns and
objectives as regards
