Mauritius Compliance news
Mauritius’ former prime minister gets bail on money laundering charges
PORT PORT LOUIS, Feb 17 (Reuters) – A court in Mauritius has released former Prime Minister Pravind Jugnauth on bail following his arrest on charges of money laundering, a magistrate at the court said.
Jugnauth was arrested on Sunday after detectives from the state-run Financial Crimes Commission searched his home, among other locations, to find and seize 114 million Mauritius rupees ($2.5 million).
THE FINANCE AND AUDIT (AMENDMENT) BILL (No. II of 2025)
The object of this Bill is to amend the Finance and Audit Act to provide for – (a) the introduction of Performance-Based Budgeting (PBB) so as to – (i) link funds with results and outcomes, and improve operational efficiency in Government administration; and (ii) enforce greater fiscal responsibility, accountability and transparency; (b) the preparation of estimates of expenditure based on programmes and sub-programmes on a 3-fiscal year rolling basis, specifying the resources to be allocated, the outcomes to be achieved and outputs to be delivered; (c) the appropriation of the estimates of expenditure for the first year by the National Assembly; and (d) the preparation of estimates of revenue on a 3-fiscal year rolling basis.
2. The Bill makes further provisions for matters connected and related there to.
Mr Maneesh Gobin arrested and released on bail
Mr Maneesh Gobin has been arrested today by the FCC for having illegally approved the grant of State Forest Land Lease at Dayot/Mangin Grand Bassin to Eco Deer Park Association when he was the Minister of the Agro-Industry and Food Security.
He has been provisionally charged of public official using his office for gratifications in breach of sections 7(1) and 83 of the Prevention of Corruption Act and appeared before the District Court of Port Louis.
Mr Gobin was released on bail after having furnished two sureties of Rs 250,000/-cash each and entered into recognisance of debt for the sum of Rs 5m.
Source: Mr Maneesh Gobin arrested and released on bail – Financial Crimes Commission
Central Bank imposes Dhs3.5 million financial sanction on money exchange house in UAE
The Central Bank of the UAE (CBUAE) imposed financial sanction on an exchange house operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.
The financial penalty of Dhs3.5 million has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to comply with Anti-money Laundering and Combating the Financing of Terrorism policies and procedures.
UAE hosts seminar on ‘European Union Sanctions and Enhancing Cooperation to Strengthen Sanction Effectiveness’ in Abu Dhabi
The UAE hosted a seminar on “European Union Sanctions and Enhancing Cooperation to Strengthen Sanction Effectiveness” in Abu Dhabi today.
This seminar was attended by representatives across the UAE’s public sector, offering attendees a comprehensive overview of key topics, including the EU sanctions framework, financial restrictive measures, trade and dual-use related restrictions, as well as measures related to energy, transport logistics, trade flows.The meeting was organised by the European Commission, in coordination with the Ministry of Foreign Affairs (MoFA) and the EU Delegation in the UAE.
Source: https://www.wam.ae/article/bhzf3q9-uae-hosts-seminar-european-union-sanctions-and
DFSA publishes its 2025-2026 Business Plan
The Plan focuses on four key strategic themes:
Delivery – Ensuring our regulatory framework remains effective and responsive to the evolving needs of the financial sector.
Engagement – Strengthening our relationships with stakeholders and fostering a collaborative approach across the industry.
Innovation – Embracing technological advancements to enhance our operations and keep DIFC at the forefront of the global financial landscape.
Sustainability – Supporting initiatives that contribute to long-term economic, environmental, and social sustainability
Fadel Al Ali, Chairman of the DFSA, said: “Our Business Plan for 2025-2026 underscores our dedication to maintaining international standards and best practices. By enhancing our regulatory frameworks and embracing digital transformation, we aim to support the DIFC’s growth and contribute to the prosperity of Dubai and the United Arab Emirates. This Plan is a testament to our forward-thinking approach as we navigate the evolving financial landscape.
The SCA Imposes AED 1.15 Million Fines on Non-Compliant Companies to Enhance Financial Market Integrity
The Securities and Commodities Authority (SCA) has taken stringent measures against several companies for violating regulations and non-compliance with anti-money laundering and counter-terrorism financing (AML/CFT) rules. The SCA announced a series of financial penalties against those companies totalling AED 1.15 million since the beginning of January 2025. This includes fines imposed on companies and investors for breaching regulations amounted to approximately AED 650,000; in addition to AED 500,000 were levied on other companies for failing to comply with AML/CFT provisions and promoting activities outside the scope of their SCA-granted licenses.
DFSA Publishes Thematic Review on TFS Compliance in DIFC Insurance Sector
While most firms demonstrated a commitment to compliance, the DFSA identified areas requiring further strengthening to align with UAE laws and DFSA expectations. While the findings were broadly positive, with most areas identified for improvement being in the documented control frameworks rather than the practical application of screening controls, there were areas requiring enhancements. These included enhancing business and customer risk assessments to explicitly document jurisdiction risk factors and the underlying insured risk; ensuring that policies and procedures and related training material, explicitly reference all the UAE TFS obligations.
The DFSA said firms are encouraged to review their internal controls against its findings to ensure effective and ongoing compliance with TFS obligations.
Source: Dubai FSA unveils thematic insurance sector review on financial sanctions | International Adviser
Global Compliance news
NEWS: Mako fined £1.66M by UK’s FCA for financial crime failings
Between December 2013 and November 2015, Mako executed over-the-counter equity trades for Solo Group clients. These trades totaled £68.6 billion in Danish equities and £23.6 billion in Belgian equities. The firm earned approximately £1.45 million in commissions.
The FCA found the trading was circular, which strongly suggested financial crime. “It appears to have been carried out to allow the arranging of withholding tax (WHT) reclaims in Denmark and Belgium,” the FCA said. Several individuals have since been convicted in Denmark.
Outcomes FATF Plenary, 19-21 February 2025
Paris, 21 February 2025
The second FATF Plenary under the Presidency of Elisa de Anda Madrazo of Mexico concluded today. Delegates from the FATF’s Global Network of over 200 jurisdictions and observers from international organisations participated in three days of technical discussions to determine measures to address key money laundering, terrorism financing and proliferation financing issues.
After an extensive public consultation, the Plenary agreed changes to the FATF Standards to better support a risk-based approach and financial inclusion, a key priority under the Mexican Presidency.
It also finalised important work on combating financial flows related to online child sexual exploitation, with a report approved for publication next month, aiming to protect children from harm.
Source: https://www.fatf-gafi.org/en/publications/Fatfgeneral/outcomes-fatf-plenary-february-2025.html
Banca March fined over EUR 600,000 over AML violations
Spain-based Banca March has been under scrutiny, facing a EUR 605,424 fine due to suspected breaches of Anti-Money Laundering (AML) regulations.
Imposed by the Commission for the Prevention of Money Laundering and Monetary Offenses, the EUR 605,424 fine was officially approved by the Council of Ministers back in September 2024. The penalty includes two separate fines of EUR 302,712 each, as well as public warnings. However, Banca March, which is one of the largest banks in Spain, is disputing the regulators’ decision, underlining that it adhered to all AML compliance requirements.
Firm fined £31,000 for ‘disregarding’ AML rules over six years
The regulator has issued one of its biggest anti-money laundering fines yet against a firm that failed to comply with the rules for six years.
Inspectors assessed six files handled by Manchester firm Nexus Solicitors and found none which contained a compliant risk assessment. This was despite the firm’s staff handbook referring to a risk assessment and due diligence form and setting out a process for checking clients.
The Solicitors Regulation Authority said that the firm failed to document any risk assessment or provide a clear audit trail of the decision-making process, methods and rationale. Based on the six randomly-selected files, it was evident that staff were not following proper processes from 2017 onwards.
16th package of sanctions on Russia’s war of aggression against Ukraine: EU lists additional 48 individuals and 35 entities
As part of the comprehensive sixteenth package of sanctions adopted earlier today, the Council decided to impose targeted restrictive measures on an additional 48 individuals and 35 entities responsible for actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.
Today’s decision maintains pressure on the Russian military and defence by listing several industry companies manufacturing weapons, ammunitions and other military equipment and technologies.
As part of the EU efforts to close shadow fleet networks, the EU also imposed full-fledge sanctions over three entities transporting Russian crude oil and oil products and providing substantial revenues to the Russian Government.
Saudi Arabia developing unified ESG guidelines to raise reporting standards
Saudi Arabia is advancing its environmental, social, and governance (ESG) framework by developing unified national guidelines to align reporting with international standards.
The new national ESG reporting standards, informed by international best practices, aim to simplify compliance while ensuring global alignment. With over 3,000 Saudi companies impacted by new ESG regulations, the Kingdom is taking significant steps to integrate sustainability into its corporate landscape.
Source: Saudi Arabia developing unified ESG guidelines to raise reporting standards, official says
Luxembourg’s New Law: A Game Changer for Crypto Assets & Green Bonds?
The law amends the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework under the Law of 12 November 2004, adapting it to crypto-assets and self-hosted wallets.
Key changes include Crypto-Asset Service Providers (CASPs) as obliged entities under AML/CFT regulations.
Enhancement due diligence for transfers involving self-hosted wallets; and transactions exceeding EUR1,000.
Cross-border relationships: CASPs must verify non-EU entities’ AML/CFT compliance and obtain high-level approval before establishing correspondent relationships.
Transition for VASPs: Virtual Asset Service Providers (VASPs) registered by 30 December 2024 will be treated as CASPs until 1 July 2026 or until they’re fully authorized under MiCA. The above implies that the VASPs regime will be repealed.
Source: Luxembourg’s New Law: a Game Changer for Crypto Assets & Green Bonds? | DLA Piper
The New Zealand Government Moves to Ease AML/CFT Compliance Burden on Businesses
The proposed changes will alleviate the compliance burden on businesses, particularly for low-risk activities and entities, such as family trusts.
The New Zealand Government is taking steps to reduce regulatory burdens on businesses by improving the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009, according to Associate Justice Minister Hon Nicole McKee.
Key Changes to the AML/CFT Act include reducing compliance requirements for low-risk activities, clarifying definitions to prevent duplication and simplifying border cash reporting.
Source: Government Moves to Ease AML/CFT Compliance Burden on Businesses
Four charged by ICAC with $230,000 bribery over $25m renovation projects of two Japanese chain stores
A then employee of a design consultancy and three others were charged by the ICAC today (February 12) for allegedly conspiring together for the employee to accept bribes of over $230,000 for assisting two works contractors to secure two renovation projects of Japanese chain stores involving project fees totalling over $25 million.
MiCAR: Cryptocurrency Supervision in Italy
Preventing illicit activities is crucial, particularly regarding Crypto-Asset Service Providers (CASPs).
The Bank of Italy, following European and international AML/CFT directives, supervises CASPs’ implementation of required procedures, including customer due diligence (CDD), transaction monitoring, and suspicious activity reporting (SAR). These measures help prevent cryptocurrency misuse and protect financial system integrity.
Source: MiCAR: Cryptocurrency Supervision In Italy – Fin Tech – Italy
Crypto exchange OKX fined $500 million for AML compliance failures
The operator of OKX – one of the world’s largest cryptocurrency exchanges, Aux Cayes FinTech, has admitted liability for violating U.S. anti-money laundering laws and agreed to pay over $504 million in penalties.
The platform facilitated over $5 billion in suspicious transactions and criminal proceeds. Despite implementing Know Your Customer (KYC) measures, employees were found to have assisted users in providing false information to bypass these controls.
OKX attributed the violations to “legacy compliance gaps” and said those users are no longer active. The plea comes amid a broader trend of U.S. regulatory actions against crypto firms, though some, like Robinhood and Coinbase, have seen investigations dropped.
Source: OKX Crypto Exchange Fined $500 Million for AML Violations
TD Bank Faces $3B AML Settlement with Compliance Monitor Appointed
Guidepost Solutions has been appointed as the independent monitor to oversee TD Bank’s anti-money laundering (AML) remediation efforts, following the bank’s $3 billion settlement with U.S. regulators. The settlement includes the appointment of an independent monitor namely Guidepost Solutions to oversee the bank’s remediation efforts.
The Department of Justice has mandated a three-year monitoring period for TD Bank, while FinCEN requires oversight for four years. According to the Office of the Comptroller of the Currency (OCC), TD Bank processed hundreds of millions of dollars in transactions that showed clear signs of suspicious activity, posing significant risks of money laundering, terrorist financing and other illicit financial conduct.
Notably, between 2019 and 2023, the bank enabled three money-laundering networks to move over $670 million through its accounts.
Source: Monitor Appointed in TD Bank $3 Billion Anti-Money-Laundering Settlement – WSJ
South Africa Compliance news
Key compliance changes in South Africa’s AML/CTF Amendment Bill for 2025
In December 2024, the South African Treasury published the draft AML and CTF Amendment Bill, which is now open for public comment.
According to RelyComply, this bill aims to strengthen South Africa’s financial compliance landscape by harmonising five critical pieces of legislation. The government is working towards rectifying the country’s greylisting status, which has been a significant setback for South Africa’s global regulatory standing since February 2023.
The bill not only seeks to align local regulations with international standards but also prepares South Africa for an upcoming evaluation by the Financial Action Task Force (FATF). The FATF is set to conduct a Mutual Evaluation Report (MER) in early 2025, with a subsequent on-site visit in May to verify the country’s progress on the action items.