Financial Intelligence and Anti- Money Laundering Act amended
Section 2
“legal person” –
(a) means any entity, other than a natural person; and
(b) includes a company, a foundation, an association, a limited liability partnership or such other entity as may be prescribed
“suspicious transaction”,
– (a) gives rise to a reasonable suspicion that it may involve – (i) the laundering of money or the proceeds of any crime; or (ii) funds linked or related to, or to be used for, the financing of terrorism or proliferation financing or, any other activities or transaction related to terrorism as specified in the Prevention of Terrorism Act or under any other enactment, whether or not the funds represent the proceeds of a crime
3. Money Laundering
A reporting person who fails to take such measures as are reasonably necessary to ensure that neither he, nor any service offered by him, is capable of being used by a person to commit or to facilitate the commission of a money laundering offence or the financing of terrorism shall commit an offence
19E. Duty to provide information
In section 19E, in the heading, by adding the words “for purpose of conducting risk assessment”;
Companies Act 2001
Section 2
nominee”, by inserting, after the words “some other person either directly or” and “a person is the nominee of another”, the words “indirectly” and “legal or natural”, respectively
“beneficial owner” or “ultimate beneficial owner” –
(a) means any natural person who ultimately owns or controls a company or the natural person on whose behalf a transaction or activity is being conducted in relation to a company; and
(b) includes –
(i) the natural person who ultimately owns or controls a company through :
(A) direct or indirect ownership of such shares in such percentage as may be prescribed
(B) voting rights;
(C) ownership interest; or
(D) control by other means; (ii) where no natural person under paragraph (i) is identified, or if there is any doubt that the person identified is the beneficial owner, the natural person who controls the company in the manner one company controls another company under section 5; (iii) where no person under paragraphs (i) and (ii) is identified, the natural person who acts as executive director or has equivalent executive powers;
Section 14. Inspection and evidence of registers
in subsection (8), by adding the following new paragraphs, the comma at the end of paragraph (b) being deleted and replaced by a semicolon and the word “and” at the end of paragraph (a) being deleted – (c) proof of incorporation; (d) legal form and status; (e) basic regulating powers; and (f) list of directors
Section 23: Application for incorporation
A declaration regarding beneficial ownership which shall be disclosed in accordance with section 91(3A)(c).
the full name and the usual residential address of the beneficial owner or ultimate beneficial owner, if any; (subsection (2), by inserting, after paragraph (d), the following new paragraph)
91. Company to maintain share register
The information referred to in subsection (3)(a)(ii) shall be lodged with the Registrar through CBRIS or such other electronic system or in such other manner as the Registrar may approve –
(i) at the time of incorporation of a company;
(ii) at the time of registration of a foreign company;
(iii) at the time of registration by way of continuation of a company;
(iv) on filing of the annual return of the company;
(v) in the case of a foreign company, on filing the financial statements of the company;
(vi) upon any change, including transfer, in the shareholding of a company; (vii) at the time of an issue of shares
(d) The information referred to in paragraph (c)(vi) and (vii) shall be filed with the Registrar within 14 days from the date by which any entry or alteration is made in the share register
190. Company records
- Notwithstanding any other enactment, a company shall authorise at least one officer, who shall be ordinarily resident in Mauritius, to provide, upon request by any competent authority, all basic information and beneficial ownership information of the company
(b) A company shall, within 14 days of an authorisation under paragraph (a) or of any change of an officer under paragraph (a), notify the Registrar, in such form as the Registrar may approve, the name and particulars of the officer.
(c) In this subsection – “basic information”, in relation to a company means –
(a) the company name, proof of incorporation, legal form and status, the address of its registered office, basic regulating powers, a list of its directors; and
(b) a register of its shareholders or members, containing the names of the shareholders and members and number of shares held by each shareholder and categories of shares, including the nature of the associated voting rights; “competent authority” – (a) means a public body responsible to combat money laundering or terrorist financing; and
- (b) includes an investigatory authority; “investigatory authority” has the same meaning as in the Financial Intelligence and Anti-Money Laundering Act
281. Balance Sheet
(5A) Any information regarding the beneficial ownership of a foreign company shall be disclosed in accordance with section 91(3A)(c)
Financial Services Act
43A. Frequency of on site inspections
(1) The frequency of an on site inspection carried out under section 43 shall be determined on the basis of, but not limited to –
(a) the money laundering or terrorism financing risks and policies, internal controls and procedures associated with a licensee, as assessed by the Commission;
(b) the money laundering or terrorism financing risks present in Mauritius; and
(c) the characteristics of the licensee and the degree of discretion allowed to the licensee under the risk-based approach implemented by the Commission. (2) The Commission shall review the assessment of the money laundering or terrorism financing profile of a licensee as and when there are major developments in the management and operations of the licensee.
Foundations Act
36. Records to be kept
Any information regarding the beneficial owner or ultimate beneficial owner of a Foundation shall be lodged with the Registrar – (a) at the time of registration of the Foundation or foreign Foundation, as the case may be; (b) at the time of registration by way of continuation of the Foundation
New sections added:
A Foundation that fails to comply with subsection (1)(d) or (e) shall commit an offence and shall, on conviction, be liable to a fine not exceeding 300,000 rupees.
(b) A Council member or former Council member who fails to comply with subsection (1)(d) or (e) shall commit an offence and shall, on conviction, be liable to a fine not exceeding 300,000 rupees.
(8) Any secretary or former secretary who fails to comply with subsection (5) shall commit an offence and shall, on conviction, be liable to a fine not exceeding 300,000 rupees
39. Removal from register
(4A) Where a Foundation, Council member, former Council member, secretary or former secretary, as the case may be, has failed to comply with section 36(1)(d) or (e) or (5), the Registrar shall remove the name of the Foundation from the register.
50. Offences committed by Foundation
by inserting, after subsection (2), the following new subsection
(2A) An offence referred to in section 36(1)(d) or (e) or (5) shall not be compounded unless the Foundation or Council member or former Council member, as the case may be, agrees in writing to – (a) pay an amount, acceptable to the Registrar, not exceeding the maximum penalty imposable under this Act for that offence
