Financial Crime World

Here is the rewritten article in Markdown format:

Mauritius Takes a Tough Stance on Compliance with International Sanctions

Port Louis, Mauritius - The United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019 has come into effect in Mauritius, outlining the legal framework for the government to implement targeted sanctions against individuals and entities listed by the UN Security Council.

Regimes under the Act

The act provides two regimes: one for the implementation of UN sanctions and another for domestic sanctions. Under the first regime, once an individual or entity is listed, financial prohibitions take immediate effect, with no need for a freezing order.

Domestic Regime

Under the second regime, known as the Domestic Regime, Mauritius has the authority to make its own decisions regarding designating individuals and entities on a domestic list. This decision-making process is independent of the UN and requires the Secretary of Home Affairs to apply for a freezing order against the funds or assets of designated parties.

National Sanctions Secretariat

The National Sanctions Secretariat, established under Section 7 of the Act, has given public notice of the Consolidated List of sanctioned individuals and entities, which can be accessed on its website. The secretariat has also issued an Explanatory Note on the implementation of UN sanctions measures, published in the Government Gazette.

Financial Prohibitions

The financial prohibitions under Sections 23 and 24 of the Act prohibit dealing with or making funds or other assets available to listed parties. Reporting persons are required to regularly consult the Consolidated List and take immediate action upon any changes made thereto.

Obligations of Reporting Persons

Under the Act, reporting persons have several obligations, including:

  • Reporting obligations: verifying customer information, identifying ownership of funds or assets, and submitting reports to the National Sanctions Secretariat and AML/CFT supervisor.
  • Reporting suspicious information: immediately submitting any information relating to a listed party to the Financial Intelligence Unit (FIU).
  • Internal controls: implementing procedures to ensure effective compliance with the Act.

Consequences of Non-Compliance

Failure to comply with the Act is an offence. The FIU is responsible for supervising and enforcing compliance by reporting persons under its purview.

I hope this meets your requirements! Let me know if you need any further assistance.