Mauritius Compliance News
Bank of Mauritius opens ‘Innovation Hub’ to foster fintech development
The Bank of Mauritius has launched its Innovation Hub known as the Innov8. This initiative is dedicated to shaping the future of the banking and financial landscape in Mauritius and the region.
The Innov8 was inaugurated by Dr the Honourable Renganaden Padayachy, Minister of Finance, Economic Planning and Development, in the presence of Governor Harvesh Kumar Seegolam G.C.S.K., and Dr Cecilia Skingsley, Head of the Innovation Hub of the Bank for International Settlements.
Source: https://www.bom.mu/media/media-releases/media-release-bank-mauritius-launches-its-innovation-hub-innov8
Mauritius achieves new milestones in the Global Financial
The Financial Services Commission, Mauritius (FSC) is proud to announce that the Mauritius International Financial Centre (IFC) has once again achieved notable advancements in the latest Global Financial Centre Index (GFCI 36) and in its fintech ranking.
Source: https://www.fscmauritius.org/media/193039/z-yen-communiqu%C3%A9-gfci-36_24sept24-rev-240924_final-00000002.pdf
FSC Mauritius issues guidelines on stress test requirement for long term business insurers.
The objective of the Guidelines on Stress Test Requirement for Long Term Insurers (the
“Guidelines”) is to assist long term insurers in calculating the stress test requirement,
as required by the Insurance (Long Term Insurance Business Solvency) Rules 2024.
Pursuant to its powers, the Guidelines are issued by the Commission under section 7(1)(a) of the Financial Services Act and section 130 of the Insurance Act.
Source: https://www.fscmauritius.org/media/182838/guidelines-on-stress-test-requirement-for-long-term-insurers-v1.pdf
Communiqué from FSC – Amendment to Section 107 of the Securities Act 2005
The Financial Services Commission, Mauritius (FSC) wishes to inform its stakeholders that
following the enactment of the Finance (Miscellaneous Provisions) Act 2024 on 26 July
2024, Section 107 of the Securities Act 2005 has been amended.
Consequently, in addition to a Collective Investment Scheme (CIS) and a CIS Manager, a
Closed-end Fund is required to seek the approval of the FSC prior to appointing/
changing its Auditors.
Source: https://www.fscmauritius.org/media/193034/final-communiqu%C3%A9-amendment-of-section-107-of-the-securities-act-2005.pdf
UAE Compliance News
UAE approves new AML/CFT national strategy for 2024-27
The strategy, formulated around 11 strategic goals, introduces legislative and regulatory reforms to combat money laundering and terrorism financing. The UAE Cabinet has approved a new National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML, CFT and CPF) for 2024-27, following ratification by the Higher Committee overseeing the national strategy. This strategic development aims to bolster the UAE’s financial system against illegal activities. The strategy, formulated around 11 strategic goals, introduces a comprehensive framework of legislative and regulatory reforms designed to combat money laundering and terrorism financing.
Source: https://gulfbusiness.com/uae-unveils-new-aml-cft-national-strategy-2024-27/
Global Compliance News
Asia-Pacific Group on Money Laundering concludes 2024 Annual Meeting in Abu Dhabi
ABU DHABI, 28th September, 2024 (WAM) — The Asia Pacific Group on Anti-Money Laundering (APG) Annual Meeting 2024 concluded successfully in Abu Dhabi after six days of deliberations.
With 450 delegates from various regions in attendance, the meeting aimed to enhance efforts to combat financial crime across the Asia-Pacific region and beyond. This marks the first time the APG Annual Meeting has been hosted in the Middle East and North Africa region.
The UAE, the first Arab country to join the APG as an observer, organised the event through the National Committee for Anti-Money Laundering and Combatting Financing of Terrorism and Illegal Organisations (NAMLCFTC).
Source: https://www.wam.ae/en/article/b5exntl-asia-pacific-group-money-laundering-concludes-2024
FinCEN Finalizes Rule Subjecting Investment Advisers to AML/CFT Regulations
Following up on its Notice of Proposed Rulemaking (“NPR”), which we discussed back in March, the Financial Crimes Enforcement Network (FinCEN) released on August 28th a final rule extending Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) requirements to certain investment advisers (Final Rule).
Source: https://www.moneylaunderingnews.com/2024/09/fincen-finalizes-rule-subjecting-investment-advisers-to-aml-cft-regulations/
Australia: AML/CTF Amendment Bill introduced in Parliament
Today the Attorney-General introduced the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 into Parliament. The Bill and its explanatory materials are available on the Parliament of Australia website.
This Bill represents a significant step forward in protecting our community from financially enabled crime. It aims to strengthen the existing framework to better address the evolving threats posed by money laundering, terrorism financing and other serious and organised crime.
Source: https://www.austrac.gov.au/amlctf-amendment-bill-introduced-parliament
South African Reserve Bank imposes administrative sanctions on Old Mutual Life Assurance Company (South Africa) Limited
The South African Reserve Bank (SARB) has imposed administrative sanctions on Old Mutual
Life Assurance Company (South Africa) Limited (OMLACSA) as a result of its non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act), following a FIC Act inspection conducted in 2020.
Source: https://www.resbank.co.za/content/dam/sarb/publications/media-releases/2024/pa-sanctions/old-mutual-life/SARB%20imposes%20administrative%20sanctions%20on%20Old%20Mutual%20Life.pdf