AML/CFT/CPF Frameworks
The Financial Services Commission (FSC) is firmly committed to safeguarding the integrity of the financial services sector by preventing its misuse for illicit activities, including Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF).
Mauritius adheres to international initiatives to combat Money Laundering and Financing of Terrorism and Proliferation. Various legislations were enacted and include:
- The Financial Intelligence and Anti-Money Laundering Act (FIAMLA)
- Financial Intelligence and Anti-Money Laundering Regulations (FIAMLR)
- The Financial Crimes Commission Act
- The Prevention of Terrorism Act
- The United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act
The Convention for the Suppression of the Financing of Terrorism Act 2003 provides for the International Convention for the Suppression of the Financing of Terrorism to have force of law in Mauritius.
The FSC has the power to exchange information with public sector agencies, international organisations, foreign supervisory institutions or law enforcement agencies.
In addition, several Memoranda of Understanding (MOUs) were signed between the FSC and regulatory bodies (including foreign supervisory bodies) to address the framework for mutual assistance and exchange of information. The main objectives of the MOUs are inter alia to:
- consolidate supervision of cross-border operations of financial institutions;
- define mechanisms to share information in accordance with international standards; and
- reinforce collaboration amongst institutions in the fight against crime, Money Laundering and Financing of Terrorism.
In particular, the FSC signed a Memorandum of Understanding (MOU) with the Financial Intelligence Unit (FIU) which describes the ways in which both institutions will cooperate in preventing Money Laundering and the Financing of Terrorism. The FSC, in compliance with Section 22 of the Financial Intelligence and Anti-Money Laundering Act 2002, forwards any information on the possibility of a money laundering offence or suspicious transaction to the FIU.
In addition, pursuant to the provisions of the Mutual Assistance in Criminal and Related Matters Act 2003, a foreign authority may, in relation to a serious offence, make a request to the Attorney General for assistance in any judicial proceedings carried in their jurisdiction state.