Important Legislative update: Proclamation of the Financial Crime Commission (FCC) Act 2023

We are pleased to announce that the Financial Crime Commission (FCC) Act 2023 was officially proclaimed in the National Assembly on March 29, 2024. This landmark legislation significantly enhances Government’s efforts to combat trade-based financial crimes, establishing a new independent body dedicated to addressing these issues both domestically and internationally, particularly in cases linked to Mauritius.

The FCC Act encompasses various categories of financial crimes, including corruption, money laundering, fraud, and financing drug trafficking. It grants the FCC Board extensive powers to apply for attachment and confiscation orders in both civil and criminal asset recovery cases. Additionally, the Act facilitates the tracing of assets, issuance of compensation orders, and international cooperation in related matters.

In alignment with the new legislation, several existing laws have been repealed, including the Prevention of Corruption Act (POCA), the Asset Recovery Act (ARA), the Good Governance & Integrity Reporting Act (GGIRA), and Part II of the Financial Intelligence & Anti-Money Laundering Act (FIAMLA). Consequently, the FCC will assume the functions and powers previously held by the Independent Commission Against Corruption (ICAC), the Asset Recovery Investigation Division (ARID), the Financial Intelligence Unit, and the Integrity Reporting Services Agency (IRSA). Moreover, the FCC will serve as the depository for all declarations made under the Declaration of Assets Act.

This comprehensive legislative update underscores Government’s commitment in  maintaining the highest standards of integrity and transparency in financial transactions, both within Mauritius and in the global financial system.

Written by
Severine Prayag
Corporate Legal Executive