Rama Sithanen, Deputy Prime Minister and Finance Minister of Mauritius, told the 3rd annual meeting of the island's Financial Intelligence Unit last week that the Prevention of Corruption Act will be amended in order to permit the restructuring of the Independent Commission Against Corruption as a major partner in the fight against money laundering.
The meeting had the theme: 'Working together to fight money laundering and terrorist financing'. Later, the Prime Minister, Navin Ramgoolam, presented the Prevention of Corruption (Amendment) Bill 2006 for its first reading in the National Assembly.
The new law will give the courts jurisdiction over those accused of corruption. Previous amendments in 2005 reorganized and simplified the management of the Commission.
Rama Sithanen underlined that Mauritius has always shown its determination to act against money laundering: "Our jurisdiction has substance and its regulatory and supervisory framework has enhanced its image among international institutions and professionals operating on the island," he said.
The meeting heard that preliminary results of a national survey carried out by the FIU had revealed the existence of a parallel economy which was vulnerable to money-laundering activity, and a belief among those interviewed that there were links to drug-dealing. Some of the FIU's contacts had requested 'protection' in return for whistle-blowing assistance on money-launderers, something that is against the provisions of the Act. The FIU said that suspicious activity reports had fallen from 157 in 2003 to just 89 in 2005.
The FIU said it was clear that illegal activity was particularly marked in 'cash intensive' sectors such as real estate, and gaming.
Responses to the enquiry had showed widespread public perception that the current laws were ineffective, due to the lack of successful prosecutions.
Opening the meeting, Rama Sithanen called upon all concerned to work together to stamp out irregular activities, in order to avoid the danger that Mauritius could come to be seen as a 'loose' jurisdiction.
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