The Mauritius Financial Services Commission has moved to quash claims that the activities of a company accused of money laundering were facilitated by the jurisdiction's laws.
The Commission has stressed that the companies involved in the money laundering activities were not on the Commission’s register of licensees, and therefore not under their oversight. In a statement, the Commission said:
“Following various media reports relating to Satyam Computer Services Limited (an Indian company), according to which the proceeds of alleged fraudulent practices of the company have been 'siphoned off' through Lakeview Investments Mauritius (allegedly a Mauritian company), the Financial Services Commission wishes to state that the company mentioned in these reports is not on the Commission’s register of licensees.”
The Commission emphasised its commitment to tackling money laundering through enforcing regulation within Mauritius’s finance sector.
“The Financial Services Commission, as the regulator for global business and all financial services other than banking, has prescribed three codes on Prevention of Money Laundering providing strict requirements for financial services providers and Management Companies for the proper verification of the identity and source of funds of their clients. The codes aim at preserving the highest standards of practice and the integrity of Mauritius as a financial services centre of sound repute,” the FSC statement explained, adding:
“All operators of the financial services industry are regularly made aware of the need to ensure that they do not engage in business relationships unless they follow prescribed procedures to ascertain that investments are not being made to launder the proceeds of crime. All Financial Services Providers and Management Companies are also required to comply with the provisions of the Financial Intelligence and Anti-Money Laundering Act, and in particular those relating to the reporting of suspicious transactions.”
“In addition, all flow of funds to the Mauritian global business sector is made through the international banking system, with the various banks concerned being subject to anti-money laundering procedures prescribed in the jurisdictions where they operate and by their own group policies (local banks are required to comply with the strict rules and guidelines prescribed by the Bank of Mauritius in this regard).”
“The Financial Services Commission monitors closely all information obtained, relating to companies that it has licensed, as part of its regulatory and supervisory functions with a view to taking appropriate action, whenever warranted, to protect the integrity of the Mauritian jurisdiction.”
“[The Commission] has signed several Memoranda of Understanding with its counterparts in other jurisdictions, providing for exchange of information where necessary. There are additional arrangements provided for exchange of information between the Mauritian Financial Intelligence Unit and similar agencies in various countries. Furthermore, the Mutual Assistance in Criminal and Related Matters Act enables foreign authorities to obtain judicial assistance from Mauritius in connection with investigations being conducted in these countries.”
“Notwithstanding the confidentiality provisions relating to Global Business companies, Section 83(6) of the Financial Services Act provides that the Supreme Court may, on the application of the Director of Public Prosecutions, make an order for the disclosure of information for the purpose of an enquiry or trial relating to money laundering.”
“Whilst a number of measures have been taken to ensure compliance with international norms relating to AML-CFT (Anti-Money Laundering and Combating the Financing of Terrorism) should Mauritian entities licensed by the FSC still be suspected by foreign authorities of involvement with money laundering, the FSC would conduct its own investigation and take the appropriate regulatory action. In such cases the FSC would also cooperate with its foreign counterparts to the fullest extent permitted by law.”
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment