The Financial Crimes Commission Act In Mauritius: Strengthening Efforts To Combat Financial Crimes

• Published date: 11 January 2024
• Subject Matter: Government, Public Sector, Criminal Law, Money Laundering, Crime
• Law Firm: Appleby
• Author: Mr Malcolm Moller

The passing of the Mauritius Financial Crimes Commission Act on 21 December 2023 (the Act) marks a commendable and significant milestone in the country's ongoing efforts to combat financial crimes. This comprehensive legislation establishes the Financial Crimes Commission (the Commission) as the principal agency responsible for detecting, investigating, and prosecuting various financial crimes, including corruption, money laundering, fraud, and drug financing. This E-Alert discusses the key highlights and benefits of this Act and emphasises its importance in strengthening the fight of Mauritius against financial crimes.

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...