Mauritius Amends Financial Reporting Act to Enhance Counterterrorism Efforts
Strengthening Counterterrorism Efforts in Mauritius
The Mauritian government has amended the Financial Reporting Act to enhance the provision of information by supervisory authorities and other entities, strengthening the country’s counterterrorism efforts.
Enhanced Information Provision
The amendments, which came into effect on [insert date], require supervisory authorities, including the Counterterrorism Unit, to provide information to the Financial Intelligence Unit (FIU) in a more timely and comprehensive manner. The FIU is responsible for collecting, analyzing, and disseminating financial intelligence to prevent money laundering and terrorist financing.
Reporting Requirements
Under the revised Act, the Counterterrorism Unit, as a supervisory authority, will be required to provide information to the FIU on a regular basis, including:
- Reporting suspicious transactions
- Monitoring cash transactions
- Providing information on individuals and entities suspected of engaging in illegal activities
Licensed Professionals’ Responsibilities
The amendments also require licensed professionals, including accountants and auditors, to comply with guidelines issued by the Mauritius Institute of Professional Accountants and the FIU to prevent money laundering and terrorist financing.
Definition of “Given Date” Expanded
The Act has been amended to expand the definition of “given date” to include a period of 24 hours starting from 10 am on a day and ending at 10 am on the following day. This change is aimed at improving the reporting of financial transactions and ensuring that suspicious activity is detected and reported promptly.
Implementation of FATF Recommendations
The amendments are part of Mauritius’ efforts to implement the Financial Action Task Force’s (FATF) recommendations to combat money laundering and terrorist financing.
Key Amendments
- Provision of information by supervisory authorities, including the Counterterrorism Unit, and Registrars to FIU
- Expansion of reporting requirements for licensed professionals
- Definition of “given date” expanded to include a 24-hour period
- Guidelines issued by Mauritius Institute of Professional Accountants and FIU must be complied with by professional accountants and relevant member firms
Enhancing Counterterrorism Efforts
The amendments aim to enhance the country’s ability to detect and prevent money laundering and terrorist financing, while also strengthening its cooperation with international partners in the fight against terrorism.