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Copy Of -Mauritius: Competition Commission extends leniency to initiators and coercers

January 23, 2018

The Competition Commission of Mauritius ('CCM') has extended the leniency programme to initiators and coercers of cartels. Mr Deshmuk Kowlessur who is the Executive Director of the CCM commented that the measure is pro-active and "in-line with our aim to enhance competition by dismantling cartels".

Copy Of -Copy Of -Mauritius: Competition Commission extends leniency to initiators and coercers

January 23, 2018

The Competition Commission of Mauritius ('CCM') has extended the leniency programme to initiators and coercers of cartels. Mr Deshmuk Kowlessur who is the Executive Director of the CCM commented that the measure is pro-active and "in-line with our aim to enhance competition by dismantling cartels".

Financial Action Task Force Alters Rules to Cover Virtual Currency Firms

October 24, 2018

The Financial Action Task Force said that it has taken on changes to its standards that would cover firms involved in virtual currencies, such as exchanges, wallet providers and the providers of financial services for initial coin offerings. 

The FATF, based in Paris, is known for setting standards for anti-money laundering and counter-terrorism financing rules, stated that these firms should be licensed or registered and subject to monitoring by regulators.

The FATF added : " “There is an urgent need for all countries to take coordinated action to prevent the use of virtual assets for crime and terrorism."

It also said that Countries should ensure that these service providers are subject to anti-money laundering and counter-terrorism financing regulations, such as the requirements to perform due diligence, transaction monitoring and the reporting of suspicious activity.

“As part of a staged approach, the FATF will prepare updated guidance on a risk-based approach to regulating virtual asset service providers, including their supervision and monitoring; and guidance for operational and law enforcement authorities on identifying and investigating illicit activity involving virtual assets,” the FATF said.

U.K. Companies Need to Improve Reporting, Regulator Says

October 24, 2018

Britain’s largest companies need to improve their corporate reporting and eliminate basic errors, according to a review of 220 annual and interim reports for the 2017-18 financial year conducted by the Financial Reporting Council. 

The United Kingdom regulator for reporting, accounting and audit on Wednesday stated that judgments, estimate disclosures and cash-flow statements are the biggest source of concern in reports by companies in the FTSE 350, followed by the use of alternative performance measures.

His words were : "“We were...disappointed to see a rise in basic errors and non-compliance in a few areas of reporting"

The findings come ahead of Britain’s 2019 exit from the European Union and amid increased examinations by lawmakers and regulators over the quality of reporting, accounting and audit. This follows a number of high-profile company failures including that of outsourcing and construction company Carillion PLC this year.

Revocation of Foreign Exchange Dealer Licence

October 24, 2018

Island Premier Traders FX Ltd was granted a Foreign Exchange Dealer Licence under section 14 (5) of the Banking Act 2004 (Act) to carry on the business of foreign exchange dealer in Mauritius on last December 2009. Island Premier Traders FX Ltd applied for and was, on 7 August 2013, granted approval for the company to change its name from Island Premier Traders FX Ltd to Island Premier Foreign Exchange Ltd. A new licence was  then granted to Island Premier Foreign Exchange Ltd on 4 September 2014.

Under the powers conferred upon it by section 17(1)(b) of the Act, the Bank has, with effect from 4 October 2018, revoked the Foreign Exchange Dealer Licence granted to Island Premier Foreign Exchange Ltd.

The public is informed that Island Premier Foreign Exchange Ltd is no longer authorised to carry on the business of foreign exchange dealer as from 4 October 2018.

World Artificial Intelligence Show and World Blockchain Summit 2018

October 24, 2018

As from the 28th to 30th November 2018, Mauritius is said to host the World Artificial Intelligence Show (AI) and World Blockchain Summit. They aim to identify opportunities for the deployment in the different sectors of the country's economy. 

Furthermore, during a press conference, at the SICOM tower in Ebene, the minister of Technology, communication and Innovation namely Mr Yogida Sawmynaden, elaborated on the event. The senior economic adviser,  Prime Minister’s Office, Mr George Chung Tick Kan; the Group Chief Strategy Officer, Trescon, Mr Sanjiv Singh; the Managing Partner, Trescon Mauritius, Mr Vishal Seeboruth; and, the CEO of the Economic Development Board (EDB), Mr François Guibert, also attended the conference. 

The event is said to take place on three continuous days and is being organised by the Ministry of Technology Communication and Innovation, in collaboration with the EDB and Trescon Global.  The World AI Show will have as confirmed speaker line-up the Prime Minister, Minister of Home Affairs, External Communications and National Development Unit, Minister of Finance and Economic Development, Mr Pravind Kumar Jugnauth. 

Minister Sawmynaden stated that given the fact that Mauritius wants to become an inclusive and high-income country it is important to foster a new generation of technopreneurs who master emerging technologies such as AI and Blockchain.

Deutsche Bank Ex-Traders Guilty in Libor Rigging Scandal

October 18, 2018

Two former Deutsche Bank AG traders were found guilty of trying to rig a key lending benchmark that was assumed to be one of the most vital barometers of the world’s financial health.

Matthew Connolly, who led Deutsche Bank's pool trading desk in New York, and Gavin Campbell, a former a former derivatives trader who worked on the bank's London desk, were convicted recently on conspiracy and wire fraud charges following a month long trial in Manhattan Federal Court.

According to the Federal Court, Bitcoin Ponzi Schemer must pay $2.5 M

October 18, 2018

WASHINGTON—A federal court ordered a New York trading firm to pay $2.5 million in fines and restitution for orchestrating a Ponzi scheme that defrauded a minimum of atleast  80 customers who believed that they were investing in bitcoin.

The Commodity Futures Trading Commission filed charges in this particular anti fraud case related to bitcoin in September 2017. The court ruled that Staten Island-based  Gelfman Blueprint Inc. and its chief executive, Nicolas Gelfman, solicited more than $600,000 from retail investors between 2014-2016.

Mauritius to hold International Association Of Insolvency Regulators Annual conference 2018

October 18, 2018

The International Association of Insolvency Regulators (IAIR) Annual Conference and Annual General Meeting took place a few days back at the Sugar Beach Resort, Flic en Flac, in presence of the Minister of Financial Services and Good Governance, Mr Dharmendar Sesungkur, the IAIR Chair, Registrar of Companies, and Director of Insolvency Service, Mrs Prabha Chinien, and other personalities.

This year's theme was " Sharing International insolvency trends and developments". This conference attracted participants from 26 jurisdictions which aims at providing the platform to meet fellow regulators, share common issues and as well as to have the opportunity to network while learning more about the best practices around the world. 

The Minister highlighted that a well-regulated backdrop with best practices attuned to international standards, including strong insolvency are a must in order to achieve Government’s vision of doubling the contribution of the financial services sector to Gross Domestic Product. He also added that tests and trials facing insolvency professionals have significantly escalated over the past decade, whether in scale or form, owing to a fast-evolving global economic landscape and the rapid globalisation of trade.

Workshop on Countering the Financing of Terrorism to be held in Mauritius.

October 17, 2018

As from the 29th to the 31st of October 2018, a National Capacity Building Workshop on Countering the Financing of Terrorism through effective National and Regional Actions will be organized by the Ministry of Financial Services and Good Governance with the assistance of the United Nations Counter Terrorism Centre.

 

One of the main objective of the workshop is considered to train the local stakeholders on the requirements set out by the United Nations Security Council in the fight against terrorism and terrorist financing.

 

Furthermore, those participating will benefit from an enhanced understanding of international sanctions objectives, strategic advantages, best practices on implementation and terrorist financing typologies which can be structured through collaboration and financial investigations.

 

As bonus point, Resource persons from the UN office of Counter Terrorism will be present at the workshop providing their help.

The International Monetary Fund and World Bank to assist Mauritius in strengthening the financial sector.

October 17, 2018

The IFM and the World Bank team will be in Mauritius by the end of this year to assist the island on enhancing financial stability, facilitating access to finance and addressing risk management. Both of their assistance was requested by the Minister of Financial Services and Good Governance, Mr Dharmendar Sesungkur. 

 

Furthermore, a meeting took place between some Mauritian officials and the Director of the Finance, Competitiveness and and Innovation (FCI) Global Practice of the World Bank, Mr Alfonso Garcia Mora, who pointed our the measures that can be embraced in order to further strengthen the financial sector so as to increase stability, soundness and transparency. 

 

During their discussion, Mr Mora also put much emphasis on on the benefits of putting up a well planned centralized KYC in line with the relevant norms and practices and using digitalized information system comprising of  high level IT security as well as a backup system.

Suspected money laundering cases on the rise!

October 17, 2018

2,010 suspicious transactions have been reported to the Financial Intelligence centre (FIC) from banking and non banking financial institutions on suspected money laundering cases from 2010 to 2016. 

 

The Centre has communicated 787 out of the 2,010 reports to various law enforcement agencies for necessary actions to be taken. Ghana, where corruption has been common since its independence, has, since 2014 prosecuted and convicted 11 persons for money laundering offences and other related crimes. 

The Prevention of Terrorism ( special measures) Regulations

October 17, 2018

The combating of  terrorist financing is no more considered to be a mere issue in Mauritius. Terrorist Financing is considered to be a serious and growing threat as well as a phenomenon which has been present in every part of the world for ages. For many years now, Mauritius has also been exposed to this problem. As nowadays more financial products and markets are emerging and there has been an increase in activities in the financial sector, thus they become possible targets for financial abuse. Following several events, Terrorist Financing is found to be a critical issue and it has likely devastating economic, security and social impact.

 

At the heart of this fights, are banking institutions. Undoubtedly, it is becoming more and more challenging for banks to deal with this problem. Through out its fights against terrorist financing the Bank of Mauritius has recently published "The Prevention Of Terrorism (special Measures) Regulations" as a way to ensure the Financial Stability of the island.

The minister of financial services and good governance attends XBlockchain summit

October 17, 2018

The Competition Commission of Mauritius ('CCM') has extended the leniency programme to initiators and coercers of cartels. Mr Deshmuk Kowlessur who is the Executive Director of the CCM commented that the measure is pro-active and "in-line with our aim to enhance competition by dismantling cartels".

Mauritius: Competition Commission extends leniency to initiators and coercers

January 23, 2018

The Competition Commission of Mauritius ('CCM') has extended the leniency programme to initiators and coercers of cartels. Mr Deshmuk Kowlessur who is the Executive Director of the CCM commented that the measure is pro-active and "in-line with our aim to enhance competition by dismantling cartels".

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