Mauritius Compliance News
FSC’s statement on Hindenburg Research’s report dated 10 August 2024
The Financial Services Commission, Mauritius (“FSC”) has taken cognizance of the contents of the report published by Hindenburg Research on 10 August 2024 wherein mention has been made of ‘Mauritius-based shell entities’ and Mauritius as a ‘tax haven’. The FSC wishes to highlight that the legislative framework in Mauritius does not permit creation of shell companies.
Link: https://www.fscmauritius.org/media/182798/fsc-statement-hindenburg-report.pdf
UAE Compliance News
DFSA slaps $980,020 fine on former Mirabaud banker
The Dubai Financial Services Authority (DFSA) has imposed a fine of $980,020 on Peter Georgiou, a former private banker at Mirabaud (Middle East) Limited (MMEL), for misleading conduct and involvement in breaches of financial rules.
The Authority has also prohibited Georgiou from holding office or employment in any DFSA Authorised Firm and restricted him from performing functions related to financial services in the Dubai International Financial Centre (DIFC).
Global Compliance News
Seychelles Approves Bill on Virtual Asset Regulation
The Seychelles National Assembly has approved a draft bill to regulate virtual asset service providers (VASPs). The bill requires license-seeking VASPs to establish a substantial presence in Seychelles, such as having a resident director and an office with competent staff. The law aims to balance innovation with anti-money laundering efforts, adhering to Financial Action Task Force (FATF) recommendations.
Link: https://news.bitcoin.com/seychelles-approves-bill-on-virtual-asset-regulation/