The Financial Services Commission of Mauritius (FSC) had issued an Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) Handbook on 13 January 2020.
Our lawyers in Mauritus advise some of the largest financial services companies and institutions on both their day-to-day operations and wider strategic objectives.
We help our clients contend with legal issues in banking - including restructurings, regulatory demands and the compliance costs that have come with reform.
Our clients include asset managers, capital markets and their participants, investment banks, national regulators, private banks, private equity firms, professional services organizations engaged principally in financial services and retail banks.
Navigating Mauritius' financial legal landscape requires specialist expertise, which we offer, in view of its hybrid system consisting of English and French Law. We play an active role in the legal and regulatory developments in the banking and finance sector to make Mauritius competitive at the international level. Our team believes in its ability to explain issues to clients in user-friendly terms and put clients’ objectives in perspective.
Juristconsult Chambers also regularly assists financial institutions and banks operating in the United States (whether they are US or non-US) in preparing and updating their multi-country legal survey with respect to certain issues affecting their global custody operations.
Experience has included advising:
- Agence française de développement (AFD) in connection with an issue of shares and share exchange involving the African Guarantee Fund Ltd for Small and Medium-sized Enterprises, a fund incorporated in Mauritius and the Fonds de Garantie des Investissements Privés en Afrique de l’Ouest.
- Twelve investors in an investment in Fanisi Capital Fund L.L.C, a Mauritian fund. The investors were, amongst others, Norfund and International Finance Corporation. The total commitment was for an amount of USD28 million.
- Warburg Pincus in relation to a facility agreement and the related security agreements for a transaction worth USD120 million
- Proparco with regard to the sale of equity stakes to LeapFrog Financial Inclusion India (II) Ltd and ACCION Africa-Asia Investment Company in IFMR Holdings Private Limited.
- US investment banks on the enforceability of derivative transactions (including netting provisions) and associated collateral arrangements in the event of insolvency of the Mauritius counterparty.
- A Singapore-based GIC on an offshore investment in an Indian based fund.
The Financial Services Commission (FSC) has issued a Consultation Paper in relation to the introduction of a regulatory framework for Robotic and Artificial Intelligence Enabled Advisory Services (hereinafter RAIEAS). RAIEAS was coined in the National Budget of 2019/2020 and the Finance (Miscellaneous Provisions) Act 2020 added RAIEAS as a financial business activity in Schedule 2 of the Financial Services Act requiring a licence from the FSC. The aim of the Consultation Paper, which is inspired from approaches and models implemented by other jurisdictions, is to invite views and comments from relevant professionals, the industry and the public at large.
The Financial Services Commission (FSC) has on 6 November 2020, by way of a Circular Letter referenced as CL061120 repealed the March 2012 Code on the Prevention of Money Laundering & Terrorist Financing until the issuance of any additional enforceable Anti Money Laundering / Combatting Terrorist Financing (AML/CFT) requirements.
Maurice a pris des mesures importantes pour s’assurer qu’elle dispose d’un cadre juridique solide et qui est conforme aux normes internationales. La Financial Intelligence & Anti-Money Laundering Act (FIAMLA) a été promulguée en 2002 et prévoyait plusieurs exigences clés d’un système solide pour la lutte contre le blanchiment d’argent et le financement du terrorisme.
P2P lending has, worldwide, been hailed as an innovative solution that democratises financing. Start-ups and small entrepreneurs have typically relied on bank finance to grow. But they present risks that banks are not always prepared to take — at least not cheaply. Online platforms that connect borrowers directly with investors bypass the problem of getting bank financing.