Title: Mauritius Strengthens Financial Crime Prevention with the New Financial Crimes Commission Act

Overview

• The Mauritian government passes the Financial Crimes Commission Act to establish the Financial Crimes Commission (FCC)
• Replaces and combines functions of ICAC, ARID, and IRSA
• Sets out to create a robust framework against financial crimes ahead of FATF assessment

Background

• Mauritius removed from FATF’s list of jurisdictions under increased monitoring in 2021
• Government responds by preparing for a more unified approach against money laundering and asset recovery

Key Provisions of the Financial Crimes Commission Act

Replacing Previous Laws

• Repeals Prevention of Corruption Act, Asset Recovery Act, Good Governance & Integrity Reporting Act
• Part II of Financial Intelligence & Anti-Money Launder Act

FCC Structure

• Establishes Investigation Division, Asset Recovery and Management Division
• Education and Preventive Division, and Legal Division

FCC Powers

• Deals with civil and criminal aspects of asset seizure, freezing, and confiscation
• Investigates offenses under the Declaration of Assets Act, unexplained wealth, financing of drug dealing

Oversight and Accountability

• Introduces Operations Review Committee for increased oversight and accountability

Enhanced Investigative Capabilities

• Provides FCC with additional powers to gather financial intelligence
• Criminal offenses introduced: bribery for procurement tenders, corruption related to sporting events

New Criminal Offenses

Fraud

• Fraud by false representation
• Failing to disclose information
• Using articles for fraudulent purposes
• Abusing positions
• Committing electronic fraud

Conclusion

The Financial Crimes Commission Act strengthens Mauritius’s efforts against financial crimes, with enhanced investigative capabilities, new criminal offenses, and increased accountability and oversight.