Mauritius GBLs and your service providers – Sec.74(5) of the Financial Services Act 2007 is your most significant risk

The Mauritius Financial Services Commission (FSC) has taken enforcement actions against multiple entities in 2025, including the suspension and revocation of Global Business Licences (GBLs).

These actions:

• Appear aimed at addressing risks such as proliferation financing (PF), sanction evasion, and
• Are often linked to international sanctions imposed by bodies such as the EU, UK, and US, and
• Tied to restricted activities, including:
1. Russian oil transport or
2. Dealings with designated groups (e.g., the Houthis).

The FSC’s actions go beyond UN sanctions, incorporating EU, UK, and US designations, in line with FATF Recommendation 7 and the UN Sanctions Act 2019. And it is understood [see links below] that the FSC applies Section 74(5) of the Financial Services Act 2007 (as amended) when revoking the licences.  74[5] provides the FSC with broad powers to revoke a GBL if it's deemed necessary to safeguard Mauritius's reputation as a financial centre, prevent harm to the integrity of the financial services sector, or protect the public.

74[5] says:-

• “Where the Commission is satisfied on reasonable grounds that the revocation of the Global Business Licence is necessary to protect the good repute of Mauritius as a center for financial services,
• To prevent or mitigate damage to the integrity of the financial services industry or any part thereof, or to protect the public in general, it may revoke a Global

Confirmed Suspended/revoked Entities:

The initial suspensions (a precursor to potential revocation) have often cited Section 74(6)(a), which bars suspended entities from conducting business without FSC approval and

The FSC is progressively revoking licenses of entities found to be in breach of sanctions or PF-related obligations.

1. Angat Shipping Incorporated – Revoked on 2 September 2025 https://www.fscmauritius.org/media/201771/notice-for-publication_angat.pdf
2. Bicol Shipping Incorporated – Revoked on 2 September 2025 https://article.wn.com/view-electricity/2025/09/03/02_Sep_2025_FSC_Mauritius_issues_Public_Notice_Revocation_of/
3. Campana Shipping Incorporated – Revoked on 2 September 2025 https://www.fscmauritius.org/media/201777/notice-for-publication_campana.pdf
4. Tigwa Shipping Incorporated – Revoked on 2 September 2025 https://www.fscmauritius.org/media/206486/19-notice-for-publication_tigwa.pdf
5. Bagsak Shipping Incorporated (suspended separately in May 2025) – Revoked on 1 September 2025 https://www.fscmauritius.org/media/201790/bagsak-notice-to-publish-revocation.pdf
6. Sapang Shipping Incorporated – Revoked on 2 September 2025 https://www.fscmauritius.org/en/media-corner/public-notice
7. Naga Shipping Incorporated = Revoked on 30 September 2025 https://www.fscmauritius.org/media/206478/10-notice-for-publication_naga.pdf
8. Davao Shipping Incorporated  = Revoked on 30 September 2025 https://www.fscmauritius.org/media/206462/4-notice-for-publication_davao.pdf
9. Morong Shipping Incorporated Revoked on 1 October 2025 https://www.publicnow.com/view/784927B42D467599CBE7A6745DC0F905F685B05F
10. Aklan Shipping Incorporated
11. Elizario Shipping Incorporated
12. Ragang Shipping Incorporated
13. Tirad Shipping Incorporated
14. Tunasan Shipping Incorporated

Connections to Sanctions: Many of these entities have ties to activities evading Western sanctions, such as transporting Russian oil or trading with Houthi-controlled areas. For instance:

• Sapang Shipping Inc. (and its registered agent, Redbird Corporate Services Ltd.)

• Was hit with EU sanctions on July 18, 2025, for undermining Ukraine's sovereignty via high-risk shipping practices, including flag-hopping, AIS manipulation, and lacking proper insurance on its tanker ARGENT.
• The FSC followed up with a suspension on July 21, 2025, and a complete revocation on September 2, 2025.
• Sapang is linked to Mauritius's ABC Group and the Ah-Chuen family.
• https://www.comsuregroup.com/news/sapang-shipping-inc-loses-its-mauritius-registered-agent-redbird-corporate-services-due-to-eu-sanctions-on-both/
• Bagsak Shipping Incorporated
• Faced US OFAC sanctions on April 28, 2025, for secondary risks under Executive Order 13224, related to Houthi support via cargo discharges in restricted ports.
• The FSC suspended its authorisation on May 2, 2025.
• https://www.comsuregroup.com/news/mauritius-under-us-scrutiny-for-sanction-busting/

Context and Implications

• These companies were allegedly involved in complex maritime trade routes, dual-use goods, or front operations that masked sanctions evasion or proliferation financing.
• Some were linked to Russian oil exports and support for sanctioned entities such as the Houthis (Ansarallah) in Yemen.
• The FSC’s actions go beyond UN sanctions, incorporating EU, UK, and US designations, in line with FATF Recommendation 7 and the UN Sanctions Act 2019.

Regulatory Significance:

This marks a notable shift in Mauritius’ enforcement posture, signalling:

• Increased international cooperation.
• A move to protect the jurisdiction’s reputation as a financial centre.
• A warning to Corporate and Trust Service Providers (CTSPs) and Global Business License holders to enhance due diligence.

These moves align with Mauritius's efforts to maintain its status following its exit from the FATF grey list, emphasising compliance with global sanctions regimes. The FSC's enforcement manual highlights the potential for revocation under 74(5) for protecting integrity, which aligns with sanction-related risks.  

Web Links (Sources Used)

Revoked as of 3 October 2025

Here are the web source links referenced above, listed for easy copying:

References

• Mauritius proliferation financing (PF) risk is a REAL AND PRESENT ...https://www.comsuregroup.com/news/mauritius-proliferation-financing-pf-risk-is-a-real-and-present-danger-following-the-fsc-suspension-of-13-licences/
• https://www.comsuregroup.com/news/mauritius-proliferation-financing-pf-risk-is-a-real-and-present-danger-following-the-fsc-suspension-of-13-licences/
• https://www.fscmauritius.org/en/media-corner/communiques
• https://www.fscmauritius.org/en/others/news
• https://newsmoris.com/2025/07/20/eu-imposes-sanctions-on-2-mauritius-firms-linked-to-russian-oil-trade/
• http://www.comsuregroup.com/news/sapang-shipping-inc-loses-its-mauritius-registered-agent-redbird-corporate-services-due-to-eu-sanctions-on-both/