It emerged last week that Mauritius' Financial Intelligence Unit (FIU) has been admitted to the Egmont Group, an informal coalition which provides a forum for FIUs to improve support to their respective national anti-money laundering programmes.
The Mauritian FIU, which was sponsored for entry into the group by its US counterpart, FinCEN, was admitted prior to the Egmont Group's 5-day plenary meeting, which was held in Australia last week. It is reported to be working closely with the French and South African FIUs.
Meanwhile, it was also recently revealed that the jurisdiction's Financial Services Commission (FSC) is staging a major 'cleaning-up operation' with regard to the oversight of Global Business Licence Companies and Management Companies.
According to reports in the regional media, the licences of around 15 Global Business Companies have recently been revoked over various breaches to the Financial Services Development Act 2001, and several others are currently under review.
Management Companies which no longer comply with their due diligence obligations are also being targeted by the FSC.
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