Mauritius Tackles Financial Crimes with New Legislation
In a bid to strengthen its financial crime-fighting mechanisms, Mauritius has introduced a new legislation aimed at combating corruption, money laundering, fraud, and other financial crimes in the country.
Establishing the Financial Crime Commission
The Act, which came into effect on [date], establishes the Financial Crime Commission as the apex agency responsible for detecting, investigating, and prosecuting financial crimes. The Commission will consist of a director-general and four commissioners, with various divisions tasked with different functions and powers.
Divisions and Functions
- Investigation Division: Responsible for conducting investigations into suspected financial crimes.
- Asset Recovery and Management Division: Handles the recovery and management of assets seized from individuals and legal persons involved in financial crimes.
- Educative and Preventive Division: Focuses on educating the public about financial crimes and preventing them through awareness campaigns and other initiatives.
- Legal Division: Provides legal advice and support to the Commission in its investigations and prosecutions.
New Offences and Liabilities
The Act introduces new offences and liabilities for individuals and legal persons engaged in financial crimes. For instance:
- Corruption within private entities: Acts of bribery involving employees or members of private sector entities are now considered an offence.
- Asset recovery and confiscation: The legislation establishes a new framework for asset recovery and confiscation, allowing for the application of attachment or confiscation orders against individuals and legal persons involved in financial crimes.
Penalties and Consequences
The Act introduces harsher penalties for financial crimes, including:
- Fines of up to MUR 20 million
- Penal servitude of up to 10 years upon conviction
- Offences include corruption, money laundering, fraud, financing of drug dealing, and other related crimes.
Response from Anti-Corruption Groups and Business Associations
The Act has been welcomed by anti-corruption groups and business associations, who have praised the government for its efforts to strengthen the country’s financial regulatory framework. In a statement, the government hailed the new legislation as a significant step towards enhancing the country’s financial crime-fighting capabilities and promoting transparency and accountability in the private sector.
For more information on the Act, please contact our team.