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AML/CFT and FATCA

As part of our client on-boarding process and our client’s on-going regulatory compliance obligations, we are required to conduct AML/CFT customer due diligence checks and maintain the relevant documentation as per local statutory requirements, mainly pursuant to the Code on the Prevention of Money Laundering & Terrorist Financing, as issued by the Financial Services Commission (FSC) pursuant to the Financial Services Act 2007 and the Financial Intelligence and Anti-Money Laundering Act 2002 (the Code).

For client companies that hold licenses issued by the FSC to provide financial services, they are required to (1) adopt a documented manual setting out the written internal policies and procedures in respect of AML/CFT that is also periodically updated as required, (2) appoint a Money Laundering Reporting Officer (MLRO) and Alternate Money Laundering Reporting Officer (AMLRO) and (3) keep records such as registers of suspicious transactions and Continuous Professional Development (CPD) of MLRO and AMLRO. IFS can assist such companies by providing a documented AML/CFT Framework, taking on the due diligence duties in respect of the Code and also provide able IFS officers to act as MLRO/AMLRO. We can also provide relevant AML/CFT training to local employees of licensees, as required.

In view of implementing the US Foreign Account Tax Compliance Act (FATCA) in Mauritius, Mauritius signed a Tax Information Exchange Agreement (TIEA) and a Model 1 Intergovernmental Agreement (IGA) with the US in December 2013. The Mauritius IGA follows a Reciprocal Model 1A approach whereby all Reporting Mauritius Financial Institutions would be called to disclose information on reportable accounts substantially owned by US citizens and residents to the Mauritius Revenue Authority (“MRA”) for onward submission to the IRS. The agreements have now been incorporated in the local regulatory framework in regulations made under s76 of the Income Tax Act cited as the Agreement for the Exchange of Information Relating to Taxes (United States of America – FATCA Implementation) Regulations 2014 (Mauritius FATCA Regulations).

To ensure that our clients comply with their obligations under these new regulations, we provide registration with IRS and MRA, due-diligence and reporting services for all Financial Institutions administered by IFS. We also assist our clients in the determination of their FATCA status and classification through our network of local Tax Advisors. If required, we can also propose a tailor made package of services in cases where only part of the FATCA work will be required to be conducted by IFS.