HOME AFFAIRS SECRETARY DIRECTED TO DECLARE PARTY AS DESIGNATED PARTY

The National Sanctions Committee has directed the Secretary for Home Affairs to declare a party as a designated party under section 9(1) of the United Nations (Financial Sanctions) Act.

IMPOSITION OF FINANCIAL SANCTIONS

The designated party is now subject to various restrictions, including:

Freezing of assets
Prohibition on making funds or other economic resources available
Prohibition on dealing with its funds or other economic resources

OBLIGATIONS UNDER THE ACT FOR FINANCIAL INSTITUTIONS

Financial institutions are required to comply with the following obligations under the Act:

REGULAR CONSULTATION OF SANCTIONS LISTS

Consult the United Nations Security Council Consolidated List regularly
Take immediate action with respect to any changes brought thereto

INTERNAL CONTROLS AND PROCEDURES

Implement internal controls and procedures to ensure effective compliance with the obligations under the Act
Screen all clients and transactions against sanctions lists
Have clear policies and procedures to investigate and escalate alerts generated by a potential match which indicates a sanctions risk

SUPERVISION BY THE BANK OF MAURITIUS

The Bank of Mauritius is responsible for supervising and enforcing compliance by its licensees with the requirements imposed under the Act. Failure to comply may result in:

Monetary penalties
Offences punishable under the Act

REPORTING OBLIGATIONS

Financial institutions are required to report any positive or negative match as per the following templates:

TEMPLATE FOR NOTIFICATION TO THE NATIONAL SANCTIONS SECRETARIAT

Reported to: National Sanctions Secretariat and Bank of Mauritius

TEMPLATE FOR REPORTING POSITIVE NAME MATCH

Reported to: Bank of Mauritius and National Sanctions Secretariat

SUSPICIOUS INFORMATION

Financial institutions are required to submit any information relating to a listed party/designated party, which is known to them, to the Financial Intelligence Unit (FIU) immediately.