We wish to draw your attention to a key statutory development introduced under the Financial Crimes Commission Act 2023 (FCCA). Unlike the previous regime under FIAMLA and the Prevention of Corruption Act that primarily targeted financial institutions and reporting persons, the new framework holds every legal person (which the FCC defines as "... any entity, including a private entity, other than a natural person") directly accountable, without any exceptions. Section 52 of the FCCA requires every legal person to implement “adequate procedures” designed to prevent corruption, money laundering, fraud and other financial crimes. Section 53 highlights that a legal person may be held liable if a director, officer, agent or representative commits certain offences for the benefit of the legal person, unless the legal person can demonstrate that adequate procedures were in place. As such, legal persons may now face criminal liability of up to MUR 20,000,000 (circa. USD 425,000) and individuals face imprisonment if convicted of a financial crime offence unless adequate procedures are implemented. | | In July 2025, the Financial Crimes Commission issued formal Guidelines clarifying expectations regarding governance, risk assessment, internal controls, monitoring, training and board oversight. This obligation applies to all legal persons, irrespective of size or activity level, although the framework must be proportionate to the nature and risk profile of the entity. In light of this development, an introductory presentation on this topic will be delivered, followed by a structured review of existing governance and compliance arrangements, concluding with the adoption of the required framework. Please take a moment to watch the accompanying video on this topic 👇 | | Should you have any queries, please do not hesitate to contact us. Intercontinental Trust Limited |
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