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The Financial Intelligence Unit issues a notice on registration of reporting persons

By Arvin Halkhoree

On 1 June 2021, the Financial Intelligence Unit (FIU) of Mauritius issued a Notice calling upon new Reporting Persons to register themselves on the goAML platform of the FIU no later than 30 June 2021. Section 14C of the Financial Intelligence and Anti Money Laundering Act (FIAMLA) requires all reporting persons to register themselves with the FIU.

Reporting Persons include members of designated professions and occupations like:

(a) Professional Accountants, Public Accounts, Member Firms under the Financial Reporting Act;

(b) Attorneys, Barristers, Notaries;

(c) Dealers in Jewellery, Precious Stones and Metals;

(d) Real Estate Agents, Land Promoters and Property Developers; and

(e) Company Service Providers.

These reporting persons have an obligation to register themselves only if they carry out certain relevant prescribed activities. For the avoidance of doubt, if they are not involved in any of the prescribed activities, they do not need to register with the FIU. Reporting persons already registered with the FIU need not apply for registration unless the scope of their activities has changed and now includes any new activities requiring registration as a new reporting person. 

Financial institutions are broadly defined in the FIAMLA. Any person licensed, registered or authorised under:

(a) The Financial Services Act to carry out any financial business activity or the holder of a management licence, global legal advisory services licence, or investment banking licence;

(b) The Insurance Act, other than an insurance salesperson;

(c) The Securities Act;

(d) The Captive Insurance Act;

(e) The Trusts Act, would fall under the definition of a Financial Institution, which would be a Reporting Person.

It was unclear whether reporting issuers who are registered (as opposed to licensed) under the Securities Act would be treated as Reporting Persons. The annex to the 2021-2022 Budget provides that the FIAMLA would be amended to exclude from the definition of “financial institution”, entities registered as reporting issuer which do not conduct any financial activities.  

Should such a financial institution hold more than one licence, it would be required to be registered for each type of licence it holds.

For more information, do not hesitate to reach out.

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