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Financial Reporting Act Amendments to Strengthen Anti-Money Laundering Measures
The Financial Reporting Act has been amended to enhance the country’s efforts in combating money laundering and terrorist financing.
Key Changes
- The amendments introduce new obligations for reporting persons and auditors, requiring them to provide information to the Financial Intelligence Unit (FIU) with respect to their financial transactions.
- Failure to comply with these obligations may result in penalties and remedial action by the Council.
- The definition of a “given date” has been introduced, which means a period of 24 hours starting at 10 o’clock in the morning on a day and ending at 10 o’clock in the morning on the following day.
Impact
The amendments are designed to strengthen the country’s anti-money laundering measures by enhancing transparency and accountability in financial transactions. The changes will help to prevent the misuse of the financial system for illegal activities, such as money laundering and terrorist financing.
Industry Reaction
Professional accountants and public accountants have welcomed the amendments, saying that they will enhance the industry’s ability to detect and report suspicious transactions.
“We are pleased to see the government taking proactive steps to strengthen our country’s anti-money laundering measures,” said a spokesperson for the Mauritius Institute of Professional Accountants. “The amendments will help us to better identify and report suspicious transactions, which is essential in combating money laundering and terrorist financing.”
Next Steps
The amendments will come into effect on [date], when they will be gazetted. The Council has also been tasked with developing guidelines for public interest entities to ensure compliance with the Financial Reporting Act.
“We are committed to ensuring that our financial system is robust and secure. These amendments demonstrate our commitment to combating money laundering and terrorist financing, and we will continue to work closely with industry stakeholders to achieve this goal.” - Minister of Finance