Mauritius AML/CFT Guidance Notes for Virtual Asset Service Providers & Issuers of Initial Token Offerings
01/03/2022
The Financial Services Commission, Mauritius (the "FSC") is established under the Financial Services Act 2007 (the "FSA") and is mandated to regulate the non-bank financial services and global business sectors.
The FSC is, by virtue of section 5 of the Virtual Assets and Initial Token Offering Services ("VAITOS") Act 2021, responsible for regulating and supervising Virtual Assets Service Providers ("VASPs") and Issuers of Initial Token Offerings ("IITOs").
The Guidance Notes are issued by the FSC pursuant to its powers under Section 7(1)(a) of the FSA.
The Guidance Notes set out the measures which entities regulated under the VAITOS Act 2021 should apply for the prevention of Money Laundering and Terrorism
Financing ("ML/TF") during the course of their business and operations.
The provisions of the Guidance Notes should be read in conjunction with the:
- VAITOS Act 2021,
- the Financial Intelligence and Anti-Money Laundering Act 2002 ("FIAMLA 2002"),
- the Financial Intelligence and Anti-Money Laundering Regulations 2018 ("FIAMLR 2018") and
- the FSC's Anti-Money Laundering and Combatting the Financing of Terrorism ("AML/CFT") Handbook.
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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.