Real Estate Investor Magazine South Africa June 2015 | Page 10

PROPERTY ALERTS

The
Bad

The
Good
Positive Changes
In Property Sector

T

he
Department
of
Public
Works
(DPW )
have partnered with the
South African Property Owners
Association (SAPOA) to better
inform the property industry about
new legislation.
Collaboration
of
property
professionals across the African
continent is also a key factor
for the growth of the sector. An
African Focus Committee was thus
established.
SAPOA’s Bursary Fund continues
to provide prospective students with
a means to study to become property
professionals. Research and analysis
has been done to determine how to
close the skills gap and what skills
are needed by the industry.
An e-learning platform has also
been used to conveniently provide
cost-effective training courses.
In the words of late former
President,
Nelson
Mandela,
“Education is the most powerful
tool which you can use to change the
world.”
“In the property industry we
can use education to deliver
real transformation and change.
Education is the key for us to begin
to tackle the challenges that we are
faced with within our industry,”
explains Head of STANLIB Direct
Property Investments and current
SAPOA President, Amelia Beattie.
8

JUNE 2015 SA Real Estate Investor

FICA Woes Continue

B

eware of banks suspending
your account because of
missing Financial Intelligence
Centre Act (FICA) documentation.
Under FICA law, investors
who acquired a property through
their business or through a Trust
are obligated to declare that their
property is not owned or rented
by suspected terrorists, financial
fraudsters or money laundering
cartels. Documentary proof has to
be provided to declare the identity of
landlords or tenants.
While the Act aims to assist
in combatting corruption and the
financing of terrorist activities it,
however, is a bureaucratic hindrance
rather than a help to property
investors and business owners.
You have to gather and organise all
the required FICA documentation
before going to the police station.
Then, you have to wait in long queues
only to be told that you do not have
the correct copies of documents or
documentation is missing or it is not
properly certified. After returning to
the police station with the correct
documentation you have to wait for a
commissioner of oaths to verify both
your original and copied documents.
When you do not comply with the
Act by identifying and verifying the
identity of landlords or tenants; you
are liable to pay a hefty fine.

They
Ugl
Forex Price
Fixing Probe

T

he Competition Commission
has launched a probe into
the suspected involvement of
some South African banks in foreign
exchange price fixing.
The pending investigation will
determine whether these banks
were allegedly directly or indirectly
involved in fixing prices of spot,
future and forward foreign exchange
currency trades for bids, offers and
bid-offer spreads.
This was allegedly done via
electronic messaging platforms used
for the trading of various foreign
currencies. This system and method
of communication enabled foreign
exchange brokers at banks and