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AML/CFT |
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Following the drive to consolidate Mauritius as
an international financial center of high repute and the commitment to
international initiatives to combat money laundering and terrorist financing,
2001-2002 has seen the setting up of new legislative framework, namely The
Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA 2002), the
Prevention of Corruption Act 2002 (POCA 2002) and the Prevention of Terrorism
Act 2002 (POTA 2002). During the years that followed, amendments have been
brought to the AML/CFT regulatory framework to meet new standards as set out
by international organisations, namely the Financial Action Task Force (FATF), the International Organisation of Securities Commission
(IOSCO) and the International Association of Insurance Supervisors, (IAIS). One
of the many functions of the FSC is to take measures to suppress illegal, dishonourable and improper practices, market abuse and financial
fraud in relation to any activity in the financial services sector. Money
laundering and terrorist financing have been identified as crimes that have
the potential to affect the soundness and stability of our financial system
and to damage the reputation of Therefore in furtherance of its statutory
functions, The FSC had issued industry specific Codes on the Prevention of
Money Laundering and Terrorist Financing on 18 April 2003. The Codes were subsequently revised in
collaboration with the industry representatives and issued on 22 July 2005 to
meet new national and international initiatives. The AML/CFT Codes build up on the provisions of
FIAMLA 2002 and set out the preventive measures that financial institutions,
trust and corporate service providers must put into place to counteract money
laundering and terrorist financing.
These Codes also take into account the Forty Recommendations and 9
Special Recommendations of the FATF and other international standards
including IOSCO’s Principles on Client Identification and Beneficial
Ownership for the Securities Industry and IAIS’s Anti-Money Laundering
Guidance Notes for Insurance Supervisors and Insurance Entities. |
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Codes on the Prevention of Money Laundering and Terrorist Financing intended for : |
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(As issued on |
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Related Links |
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Financial Services Commission - |
