Mauritius AML Miscellaneous Provisions Act introduced in the National Assembly on 2 July 2024
29/07/2024
The Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 2024 (the “Act”) was the 10th Act introduced in the National Assembly on 2 July 2024.
The Act was passed on 18 July 2024, assented, gazetted, and came into force on 25 July 2024.
The Act amends some 16 existing legislations to meet international standards set by the Financial Action Task Force on anti-money laundering and combat the financing of terrorism and proliferation.
The Act brings about changes to many areas, including:
- The Bank of Mauritius Act
- The Banking Act
- The Companies Act
- The Courts Act
- The Financial Crimes Commission Act 2023
- The Financial Intelligence and Anti-Money Laundering Act
- The Financial Services Act
- The Foundations Act
- The Gambling Regulatory Authority Act
- The Limited Liability Partnerships Act
- The Limited Partnerships Act
- The Mauritius Revenue Authority Act
- The Mutual Assistance in Criminal and Related Matters Act
- The National Payment Systems Act
- The Notaries Act
- The Virtual Asset and Initial Token Offering Services Act 20212
This Act represents a significant step forward in Mauritius’s efforts to combat money laundering, the financing of terrorism, and proliferation. It’s always recommended to consult with a legal expert or the relevant authorities for a comprehensive understanding of the Act.
Source
https://mauritiusassembly.govmu.org/mauritiusassembly/wp-content/uploads/2024/07/act1024.pdf
https://mauritiusassembly.govmu.org/mauritiusassembly/wp-content/uploads/2024/06/bill0924.pdf
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.