Financial Crime World

Mauritius Strengthens Fight Against Corruption and Money Laundering with Prevention of Corruption Act 2002

Independent Commission Against Corruption and Financial Intelligence Authority Monitor Transactions, Combat Criminal Activities

In a significant move to combat corruption and money laundering, the Mauritian government has enacted the Prevention of Corruption Act 2002. This landmark legislation establishes an Independent Commission Against Corruption (ICAC) with sweeping powers to investigate and prosecute financial crimes.

Key Provisions of the Act

  • The ICAC is vested with the authority to investigate money laundering offenses, defined as transactions involving property derived from criminal activities.
  • The Financial Intelligence Authority (FIA) has been tasked with monitoring transactions and detecting suspicious activities.
  • The Prevention of Corruption Act 2002 defines money laundering as any transaction that involves property obtained from crime, or attempts to conceal or disguise its nature, source, location, disposition, movement, or ownership. It also criminalizes the financing of terrorism.

Limitations on Payment in Cash

The Act imposes a limitation on payment in cash, prohibiting transactions exceeding MUR 500,000 (approximately USD 13,000) unless exempted by specific regulations. Exempt transactions include those between banks and financial institutions, as well as certain customer transactions that are deemed lawful.

Commitment to Eradicating Corruption and Money Laundering

“We are committed to eradicating corruption and money laundering from our shores,” said a government spokesperson. “The Prevention of Corruption Act 2002 is a crucial step in this direction, empowering us to detect and prosecute financial crimes more effectively.”

International Cooperation

ICAC and FIA have been working closely with international partners to share intelligence and best practices in combating financial crimes.

Key Points

  • The Prevention of Corruption Act 2002 establishes an Independent Commission Against Corruption (ICAC) to investigate and prosecute financial crimes.
  • ICAC has powers to investigate money laundering offenses, defined as transactions involving property derived from criminal activities.
  • The Financial Intelligence Authority (FIA) monitors transactions and detects suspicious activities.
  • The Act imposes a limitation on payment in cash, prohibiting transactions exceeding MUR 500,000 unless exempted by specific regulations.
  • Exempt transactions include those between banks and financial institutions, as well as certain customer transactions that are deemed lawful.

Contact

For more information, please contact the Independent Commission Against Corruption or the Financial Intelligence Authority at [insert contact details].