Mauritius: The Financial Crimes Commission Act – a new legal framework to combat financial crimes.

Introducing the Financial Crimes Commission Act in Mauritius marks a pivotal moment in our legal landscape. This act establishes a new Financial Crimes Commission [FCC], which is set to become the apex agency in Mauritius, dedicated to detecting, investigating, and prosecuting financial crimes.

A NEW LEGAL FRAMEWORK.

• Under the Financial Crimes Commission Act, THE FOLLOWING WILL ALL BE REPEALED and replaced by a new legal framework.
• The Prevention of Corruption Act,
• The Asset Recovery Act,
• The Good Governance & Integrity Reporting Act and
• Part II of the Financial Intelligence & Anti-Money Laundering Act

FINANCIAL CRIME

• The act is also a consolidating act, GROUPING CRIMES previously dispersed throughout the repealed enactments mentioned below under THE CONCEPT OF ‘FINANCIAL CRIME’.
• Corruption,
• Money laundering,
• Fraud,
• Financing drug dealing offences and
• Other offences,
• These offences now carry harsher penalties with a new possible liability to a fine not exceeding MUR 20 million on conviction for any financial crime.

SINGLE BODY = FCC

• The Act WILL ensure that all the functions and powers once conferred to THE SINGLE & new Financial Crimes Commission (FCC)
• The new Financial Crimes Commission (FCC) will take over the functions and powers of

• The Independent Commission Against Corruption (ICAC),
• The Asset Recovery Investigation Division (ARID) of the Financial Intelligence Unit
• The Financial Intelligence Unit [FIU] will maintain its separate operation. It will continue to play a vital role in gathering and disseminating financial intelligence and receiving suspicious transaction reports.
• The Integrity Reporting Services Agency (IRSA).

And

• It will also be the depository for all declarations made under the Declaration of Assets Act.

The FCC has the power to:

• Request any financial institution to provide customer information, including details of financial transactions, subject to judicial check.
• Use special investigative techniques, such as intrusive surveillance and equipment interception, to gather intelligence or evidence.

The FCC will consist of:

• A director-general
• Four commissioners,
• Various divisions,
• Investigation Division,
• Asset Recovery and Management Division, a
• Educative and Preventive Division, and
• Legal Division, which will discharge demarcated functions and powers.

SOURCE

• https://www.maurice-info.mu/wp-content/uploads/2023/12/The-Financial-Crimes-Commission-Bill.pdf
• https://www.sovereigngroup.com/news/news-and-views/mauritius-legislates-to-create-new-financial-crimes-commission/
• https://bowmanslaw.com/insights/mauritius-the-financial-crimes-commission-act-a-new-legal-framework-to-combat-financial-crimes/