The Minister of Financial Services, Good Governance and Institutional Reforms and the Attorney General are currently on mission in London for discussions with the following institutions: Serious Fraud Office; Foreign and Commonwealth Office; Financial Conduct Authority; and National Crime Agency regarding assistance in the setting up of the Financial Crime Commission.
This statement was made yesterday in the National Assembly by the Prime Minister, Sir Anerood Jugnauth, while replying to the private notice question pertaining to legislation to set-up a Financial Crime Commission and a revised and enhanced Independent Commission against Corruption model.
The Prime Minister stated that as per the Government Programme 2015-2019, Government has a mandate for change and will relentlessly fight fraud, corruption and financial crime. To that effect, a Financial Crime Commission will be set up to act as an apex body to oversee the ICAC, the Financial Intelligence Unit and the enforcement department of the Financial Services Commission.
Sir Anerood Jugnauth further underlined that Government will leave no stone unturned to eradicate fraud, corruption, malpractices and irregularities in all aspects of public life and restore our national values. To this end, a new Declaration of Assets Act for MPs and high ranking public officers and a Financing of Political Parties Act will be enacted. A new Code of Conduct will be introduced for all MPs and public officers.
The Prime Minister highlighted that Financial Crime Commission will be set up as an umbrella organisation to oversee the operations of a revised and enhanced ICAC model, the FIU and Asset Recovery Unit, the enforcement units of the Financial Services Commission and the Financial Reporting Council relating to securities, insurance and financial reporting fraud within a newly set up Anti Fraud Unit.
He added that this will bring harmonisation in the structure for fight against financial crime in Mauritius and will ensure better coordination amongst existing institutions. It will also mitigate the risks of fraudsters exploiting loopholes in the functioning of institutions which may have led to the recent cases of Ponzi schemes where many innocent but gullible persons have lost their hard earned money.
The Prime Minister said that as an immediate measure, pending the setting up of the Financial Crime Commission, an amendment will be brought to the Asset Recovery Act and the Asset Recovery Unit will be merged with the Financial Intelligence Unit.
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