Financial Crime World

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Mauritius: AML Guidelines for Individual Law Practitioners

In a bid to combat money laundering and terrorism financing, individual law practitioners in Mauritius are now subject to Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) regulations.

The Financial Intelligence Unit (FIU)

According to the Financial Intelligence and Anti-Money Laundering Act 2002, the Financial Intelligence Unit (FIU) has been designated as the AML/CFT regulator for individual law practitioners, including:

  • Barristers
  • Attorneys
  • Notaries

The FIU’s remit includes ensuring compliance with:

  • The First Schedule of the Financial Intelligence and Anti-Money Laundering Act
  • The UN Sanctions Act
  • Any regulations and guidelines issued under these Acts

The agency is empowered to:

  • Request information
  • Conduct inspections
  • Require reports on corrective measures
  • Issue directions
  • Impose administrative sanctions

AML/CFT Obligations for Individual Law Practitioners

Individual law practitioners in Mauritius are required to adhere to AML/CFT obligations when engaging in certain activities, including:

  • Buying, selling or renting real estate
  • Managing client money, securities or assets
  • Managing bank, savings or securities accounts
  • Organizing contributions for the creation of legal persons such as companies, foundations, or limited liability partnerships
  • Creating, operating or managing legal arrangements

Guidelines for Individual Law Practitioners

The FIU has also issued guidelines outlining AML/CFT responsibilities for individual law practitioners who prepare or carry out transactions for clients involving activities such as:

  • Acting as a formation agent
  • Director
  • Secretary
  • Partner
  • Nominee shareholder of a legal person

Compliance Requirements

In order to comply with these regulations, individual law practitioners are required to:

  • Register with the FIU
  • Submit Suspicious Transaction Reports (STRs) in accordance with the guidelines
  • Participate in training and outreach programs provided by the FIU to ensure understanding of AML/CFT obligations

Conclusion

The implementation of AML/CFT regulations for individual law practitioners is a crucial step in strengthening Mauritius’ efforts against money laundering and terrorism financing. The FIU will continue to work closely with legal professionals to ensure compliance with these guidelines.

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