Page 13 - KZN Business Sense 10.5 Lead story Raksha Laghari- eBook

NAVIGATING TRUST CLOSURES AMID SOUTH

AFRICA’S GREY-LISTING CHALLENGES

s South Africa grapples and regulatory oversight, systems. With its expert wealth of experience in complex Trust Closure Certificate,
with the aftermath of prompting a critical need for guidance, LEMS assists clients tax matters, and Alan Hockey, providing a seamless and stress-
Aits grey-listing by the improved trust governance. in fulfilling their regulatory a Lean Six Sigma Black Belt and free experience.
Financial Action Task Force Trusts that are poorly managed obligations, contributing to a data analyst, LEMS combines As South Africa strives to
(FATF), the urgency around or inactive have emerged as more transparent and compliant deep regulatory knowledge with meet the compliance demands
compliance has intensified, liabilities, exposing trustees to financial future for the country. data-driven methodologies to imposed by the FATF and work
particularly in the realm of significant compliance risks. deliver efficient and reliable towards being removed from
trust management. Heightened In this evolving landscape, the In the face of tightening trust closure services. Their the grey list, LEMS’s specialised
regulatory enforcement looms, expertise of trust management regulations, LEMS serves as tailored solutions cater services stand out as a critical
compelling trustees and financial services like Legal Entity a trusted partner, providing a specifically to financial advisors resource, easing the pathway
professionals to meet stringent Management Systems (LEMS) streamlined approach to the and professionals managing to regulatory adherence while
requirements or face substantial has become indispensable. often cumbersome process multiple entities, setting them bolstering confidence in the
penalties. Many trustees, who of closing redundant or non- apart in a crowded market. nation’s financial landscape. 
LEMS plays a pivotal role in
may have previously neglected helping financial professionals operational trusts. Their LEMS’s distinctive approach
their legal obligations to and trustees navigate the services help mitigate risks,
administer or close trusts, are complexities of trust closures, reduce administrative burdens, includes a unique two- For more information contact
Alan Hockey: +27 (0)71 673 9937 or
step payment system and
now finding themselves legally aiding them in avoiding and ensure that all legal Brian Payne: +27 (0)83-3091982
mandated to take action. requirements are met swiftly personalised client portals W: www.lemsystems.co.za
penalties, meeting compliance and securely. that ensure transparency and
The country’s grey-listing deadlines, and supporting efficiency. Clients pay 50%
has highlighted challenges South Africa’s broader efforts Co-owned by Brian Payne, a upfront and settle the remaining
related to illicit financial flows to restore trust in its financial seasoned tax consultant with a balance before receiving their

CONNECTING FOR IMPACT

HARNESSING THE POWER OF PURPOSEFUL NETWORKING FOR LOCAL
AND GLOBAL CHALLENGES

pon the invitation of His emphasised the positive impact
Majesty’s Deputy Lord of purposeful integration,
ULieutenant for County participation, and teamwork
Durham, along with Northumbria on employment creation and
University’s Visiting Professor poverty reduction.
Richard Swart, Durbanite and
At a dinner following the
esteemed academic, SA Chamber conference, Luis Franceschi
UK Chapter Leader David White learned about the Northumbria
and Andrew Kruger of DRG and University Business Clinic’s
BusinessFit visited Northumbria commitment to creating the
University in northeast England. BusinessFit Blueprint App. He
Their trip included meetings expressed joy at the prospect of
with academic leadership and such a development and urged
participation in the University’s a collaboration to make the
SME Commonwealth Conference.
app’s science and methodology
David and Andrew aimed to accessible to all SMEs across
share their BusinessFit Blueprint the Commonwealth.
Model, which employs a scientific The agreement among Alan
approach to help SMEs build Reed, Ed Cottam, David White,
sustainable businesses that meet Attending the Northumbria University SME Commonwealth dinner party include; His Majesty’s Deputy Lord Lieutenant and Andrew Kruger to Luis
governance, stakeholder, and Richard Swart and Ariane Swart, Professor Luis G Franceschi, Professor Alan Reed, Kuseni Dlamini and Lutho Dlamini, Franceschi’s call to action was
market expectations. Kevan Carrick, Jennifer Welch, SA Chamber UK Chapter Leader David White, and Andrew Kruger BusinessFit
swift. They are now working on
Professor Alan Reed, Head the BusinessFit Blueprint App,
of the Business Faculty at 30% of their local goods and offers final-year undergraduates Richard Swart serving as which aims to help SMEs build
Northumbria University, services from SMEs and provides and master’s students the the convener and facilitator. better businesses and create
warmly welcomed the visitors 3% of NPAT for the development opportunity to undertake private Keynote speakers included more opportunities for growth
and expressed a keen interest in of SMEs that are at least 51% sector consultancy projects, Professor Luis G. Franceschi, and trade. 
BusinessFit’s commitment to SME black-owned. Furthermore, the supported by experienced staff. Assistant Secretary-General of
development. He sought a deeper B-BBEE Act offers bonus points the Commonwealth Secretariat, BusinessFit Blueprint: Your trading
understanding of the model’s for engaged SMEs that employ Ed expressed enthusiasm for who highlighted the need for passport to business development and
purpose and its value to South new staff and for large companies the simplicity of the BusinessFit collaboration to overcome networking opportunities. Download the
African and Commonwealth that provide support and Blueprint model, offering to local and global challenges. booklet for free at www.businessfitsa.co.za
SMEs, particularly in relation to mentoring before these enterprises involve the University’s computer He emphasised that, in an
the South African black economic become service providers, known students in developing an era defined by rapid change,
empowerment transformation as Enterprise Development. app for the methodology. He prosperity comes from creating
legislation. also suggested incorporating common value for all nations.
The BusinessFit Blueprint is BusinessFit materials into the
The procurement element of designed in accordance with Business Clinic’s curriculum and Kuseni Dlamini, a prominent
the South African Broad-Based South African conditions and invited David and Andrew to South African figure and
Black Economic Empowerment legislation; however, Ed Cottam, return to present the model’s value Chairman at Aspen Pharmacare
Act (B-BBEE) is significantly Director of the Northumbria and methodology to students. and GIBS Business Institution,
advancing SMEs across various University Business Clinic, noted addressed the critical
sectors at a pace that surpasses that its principles of business- The Northumbria University importance of collaboration
many Commonwealth nations. mindedness, sustainability, SME Commonwealth Conference among Commonwealth
The Act encourages large and governance are universally took place in the Lancaster countries to foster economic
organisations to procure at least applicable. The Business Clinic Building in Newcastle, with growth and stability. He

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