Legal, Compliance, Governance & Regulatory

Legal, Compliance, Governance & Regulatory

Our Compliance Department has the responsibility of conducting periodical compliance reviews.

National Code of Corporate Governance for Mauritius 2016

The new Code of Corporate Governance for Mauritius was launched on 13 February 2017. The code comprises a set of principles and guidance aimed at improving and guiding the governance practices of organisations within Mauritius. It forms part of a larger body of existing laws, rules, regulations, principles and best practices.

The Code recognises that scandals arising from poor governance that impact upon public interest entities should primarily be dealt with by legislation. Using an “apply and explain” methodology, the Code aims to encourage high-quality corporate governance with inbuilt flexibility that allows organisations to adapt their practices to their particular circumstances. It emphasises the need for boards to focus on the effective performance of their key tasks.

Financial Intelligence & Anti-Money Laundering Act 2002 – FIAML Act

The need for Licensees to know their customers is essential to the prevention of money laundering and combating the financing of terrorism. CDD is a key element of an internal AML/CFT system. Section 17 of the FIAML Act requires Licensees to verify the true identity of all customers and other persons with whom they conduct transactions.

Code on the Prevention of Money Laundering & Terrorist Financing 2017

Financial Action Task Force (FATF)

The FATF’s Forty Recommendations and Nine Special Recommendations on Terrorist Financing are the most influential supra national initiatives in this arena. Mauritius has confirmed its adherence to the FATF Recommendations through it membership of the Offshore Group of Banking Supervisors (“OGBS”).

Mauritius is also an active member of the Eastern and Southern African Anti Money Laundering Group (“ESAAMLG”), which is an FATF style regional body (“FSRB”). FSRBs are important components of the global network of international organisations and bodies that combat money laundering and terrorist financing. These bodies are committed to implementing the FATF Recommendations.

Below are the distinct duties of the Compliance Department:

  • Timely compliance reviews, checks and issue of compliance reports
  • Due diligence
  • Drafting of agreements (inc. shareholder’s agreements, business agreements, service level agreements etc…)
  • Client and stakeholder vetting, by providing intelligence reports on potential business partners of the client
  • Transaction monitoring to ensuring compliance with the FIAMLA
  • Vetting of legal documents

Intellectual Property Registration & Management (IPR)

Mauritius will adhere to a number of the World Intellectual Property Organisation (WIPO) Administered Treaties, namely, Patent Corporation Treaty (PCT), the Hague Convention and the Madrid Protocol to facilitate the registration of Patents, Trademarks and Industrial Designs. The international business community can file one application in Mauritius to simultaneously protect its invention, mark, and designs throughout the world.