CONSOLIDATION OF EXISTING LEGISLATION

One of the notable features of the Act is the consolidation of existing legislation relating to financial crimes. By repealing and replacing the Prevention of Corruption Act, the Asset Recovery Act, the Good Governance and Integrity Reporting Act, and Part II of the Financial Intelligence and Anti-Money Laundering Act, the Act creates a new legal framework that not only retains but also reinforces the existing provisions. This consolidation streamlines the enforcement of these laws, making them more effective in combating financial crimes.

EFFICIENT AND COORDINATED APPROACH

Another significant aspect of this Act is the consolidation of responsibilities under the Commission. The Commission will now take over the functions and powers previously held by the Independent Commission Against Corruption (ICAC), the Asset Recovery Investigation Division of the Financial Intelligence Unit, and the Integrity Reporting Services Agency. This consolidation leads to a more efficient and coordinated approach in tackling financial crimes, ensuring a stronger response to illicit activities.

ENHANCED ACCOUNTABILITY AND OVERSIGHT

To enhance accountability and oversight within the Commission, the Act reintroduces the Operations Review Committee. This committee, which was previously established under the Prevention of Corruption Act, will play a crucial role in overseeing case investigation and management. By reintroducing this mechanism, the Act demonstrates a commitment to maintaining transparency and integrity throughout the process.

COMPREHENSIVE APPROACH

The Act amends various acts to align them with the new legislation and address matters connected to financial crimes. This comprehensive approach ensures that all relevant legislation is in line with the overarching goal of preventing and prosecuting such offences. By addressing these interrelated issues, the Act provides a robust legal framework for combating financial crimes.

SMOOTH TRANSITION AND CONTINUITY

Savings and transitional provisions included in the Act guarantee a smooth transition from existing agencies to the new Commission. This provision ensures continuity in ongoing proceedings, investigations, orders, and prosecutions initiated by ICAC, the Asset Recovery Investigation Division, or the Integrity Reporting Services Agency. This seamless transition enables the Commission to effectively address ongoing financial crime cases.

RECOGNISING INTERCONNECTED NATURE

Furthermore, the Act acknowledges the interconnected nature of financial crimes with other regulatory frameworks. It amends various acts such as the Bail Act, Banking Act, Courts Act, and others to ensure a coordinated and integrated response across different legislative domains. This inclusive approach reflects a comprehensive understanding of the multifaceted dimensions of financial crimes.

CONCLUSION

The Act represents a commendable and proactive step towards combating financial crimes. Through the establishment of the Commission, consolidation of existing legislation, reinforcement of accountability mechanisms, and recognition of the interconnected nature of financial crimes, the Act demonstrates a strong commitment to upholding the highest standards of integrity and governance. It positions Mauritius as a jurisdiction dedicated to combating financial crimes and safeguarding its financial system. The implementation of this legislation is expected to significantly bolster Mauritius’s efforts in combatting financial crimes and contribute to the overall stability and reputation of its financial sector.

key contact

Malcolm Moller

Group Managing Partner: Mauritius, Seychelles

T +230 203 4301
E Email Malcolm

Share
Twitter LinkedIn Email Save as PDF
More Publications
14 May 2024

What are the tools to aid the arbitral process to combat the undesirable effects of parallel litigation?

The fundamental aspect of arbitration as an alternative dispute mechanism is that despite parties’...

29 Apr 2024

Appleby Mauritius Quarter One Newsletter 2024

As we navigate through this dynamic year, Appleby's first Mauritius newsletter of 2024 sees our team...

29 Apr 2024

Receivership: an enforcement mechanism for lenders

In a world of business, unforeseen circumstances can often arise that lead a company to financial di...

29 Apr 2024

The JCPC reaffirmed the exception to the bank secrecy rule

Further to the oral judgment of the Judicial Committee of the Privy Council (JCPC) on 06 July 2023 a...

26 Apr 2024

Regulation of Moneylending in Mauritius

Moneylending is a crucial credit device in the world of financial services which plays a significant...

26 Apr 2024

Katra Holdings Ltd v Standard Chartered Bank (Mauritius) Ltd [2024] UKPC 8 - case summary

The Privy Council set aside an appeal challenging a winding up order of a Mauritian company, Katra H...

26 Apr 2024

Statutory Demands - a Review of Recent Decisions

INSOLVENCY - The bankruptcy division of Mauritian Supreme Court re-affirms the test to determine the...

26 Apr 2024

Directors' Duties in the face of insolvency

The duties of directors in relation to companies in Mauritius are laid out under the Companies Act 2...

16 Apr 2024

Absence of assets in Mauritius – not a bar to the recognition and enforcement of foreign judgment

On 12 April 2024, the Mauritian Supreme Court confirmed in Hobler v Harker 2024 SCJ 159, that an app...

12 Apr 2024

Maximising Efficiency in Fund Termination Through Liquidating Trusts in Mauritius

When it comes to terminating a fund licensed under the laws of Mauritius (Company), one of the key r...