Commentary on regulatory developments, AML/CFT frameworks, and legal practice in Mauritius — from the members of Lutchmenarraidoo Chambers.
On 31 March 2021, the Financial Services Commission published an updated version of its AML/CFT Handbook. Two parts have been updated: Business Risk Assessment and Independent Audit — the latter added as a new chapter.
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Since December 2020, the FSC has implemented its Settlement Framework, allowing for a faster and more lenient conclusion of enforcement proceedings against a licensee. We explore how it works, stage by stage.
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The Financial Crimes Commission Act consolidates the functions of ICAC, the Integrity Reporting Services Agency and the Asset Recovery Unit into a single commission. We outline what this means for investigations, asset recovery and the defence of officers and companies in Mauritius.
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Mauritius was among the first jurisdictions in the region to legislate for virtual assets. The VAITOS Act establishes five classes of licence issued by the FSC, sets out supervisory expectations, and applies the AML/CFT regime in full to virtual-asset activity.
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Beneficial ownership transparency has been at the centre of Mauritius's response to international AML/CFT expectations. We review the statutory duties imposed on companies, their officers and service providers — and the consequences of non-compliance.
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The Fit and Proper assessment is the gatekeeping exercise through which regulators decide whether a person may hold a licensed function. We set out the four limbs the FSC and the Bank of Mauritius apply, and the practical steps to prepare a robust application.
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