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Mauritius Defends Anti-Money Laundering Laws,
by Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, January 20, 2009
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.”
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