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jurisadmin January 16, 2025 No Comments

Compliance Calendar for Domestic Companies in Mauritius: Key Filing Deadlines and Requirements

Compliance Calendar for Domestic Companies in Mauritius: Key Filing Deadlines and Requirements The document provides a comprehensive compliance calendar for domestic companies in Mauritius, detailing statutory licenses and reporting requirements for the Registrar of Companies and the Mauritius Revenue Authority (MRA). Fill out the form below to download this free Compliance Calendar – Domestic Companies Compliance Calendar for Domestic Companies in Mauritius: Key Filing Deadlines and Requirements First NameLast NameEmailCountrySelect CountryAfghanistanAland IslandsAlbaniaAlgeriaAmerican SamoaAndorraAngolaAnguillaAntarcticaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelauBelgiumBelizeBeninBermudaBhutanBoliviaBonaire, Saint Eustatius and SabaBosnia and HerzegovinaBotswanaBouvet IslandBrazilBritish Indian Ocean TerritoryBritish Virgin IslandsBruneiBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCayman IslandsCentral African RepublicChadChileChinaChristmas IslandCocos (Keeling) IslandsColombiaComorosCook IslandsCosta RicaCroatiaCubaCuraçaoCyprusCzech RepublicDemocratic Republic of the Congo (Kinshasa)DenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFalkland IslandsFaroe IslandsFijiFinlandFranceFrench GuianaFrench PolynesiaFrench Southern TerritoriesGabonGambiaGeorgiaGermanyGhanaGibraltarGreeceGreenlandGrenadaGuadeloupeGuamGuatemalaGuernseyGuineaGuinea-BissauGuyanaHaitiHeard Island and McDonald IslandsHondurasHong KongHungaryIcelandIndiaIndonesiaIranIraqIrelandIsle of ManIsraelItalyIvory CoastJamaicaJapanJerseyJordanKazakhstanKenyaKiribatiKosovoKuwaitKyrgyzstanLaosLatviaLebanonLesothoLiberiaLibyaLiechtensteinLithuaniaLuxembourgMacao S.A.R., ChinaMacedoniaMadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMartiniqueMauritaniaMauritiusMayotteMexicoMicronesiaMoldovaMonacoMongoliaMontenegroMontserratMoroccoMozambiqueMyanmarNamibiaNauruNepalNetherlandsNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiueNorfolk IslandNorth KoreaNorthern Mariana IslandsNorwayOmanPakistanPalestinian TerritoryPanamaPapua New GuineaParaguayPeruPhilippinesPitcairnPolandPortugalPuerto RicoQatarRepublic of the Congo (Brazzaville)ReunionRomaniaRussiaRwandaSaint BarthélemySaint HelenaSaint Kitts and NevisSaint LuciaSaint Martin (Dutch part)Saint Martin (French part)Saint Pierre and MiquelonSaint Vincent and the GrenadinesSamoaSan MarinoSao Tome and PrincipeSaudi ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSlovakiaSloveniaSolomon IslandsSomaliaSouth AfricaSouth Georgia/Sandwich IslandsSouth KoreaSouth SudanSpainSri LankaSudanSurinameSvalbard and Jan MayenSwazilandSwedenSwitzerlandSyriaTaiwanTajikistanTanzaniaThailandTimor-LesteTogoTokelauTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanTurks and Caicos IslandsTuvaluUgandaUkraineUnited Arab EmiratesUnited Kingdom (UK)United States (US)United States (US) Minor Outlying IslandsUnited States (US) Virgin IslandsUruguayUzbekistanVanuatuVaticanVenezuelaVietnamWallis and FutunaWestern SaharaYemenZambiaZimbabwePhone NumberSubmit Form

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jurisadmin January 14, 2025 No Comments

The High Cost of Non-Compliance: Key AML/CFT Penalties in 2024 and Their Global Implications

The High Cost of Non-Compliance: Key AML/CFT Penalties in 2024 and Their Global Implications “If you think that compliance is expensive: try non-compliance”. This famous quote from former US Deputy Attorney General Paul McNulty would be a perfect introduction to the change in the landscape of fines and penalties for Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) non-compliance, reflecting a global trend towards tougher enforcement. 2024 witnessed a resurgence of significant fines issued for AML/CFT non-compliance across various sectors globally and here are some notable ones: Binance: Binance faced one of the largest fines, where a U.S. court approved a $2.7 billion penalty for violations related to anti-money laundering and sanctions laws. The fine highlighted serious compliance failings, including failure to report suspicious transactions and links to illegal activities​ Crown Resorts: This Australian casino operator was fined AUD 450 million ($300 million) for failing to properly assess and manage high-risk clients at its casinos. This fine was part of a broader crackdown on money laundering in the gambling industry​ TD Bank: In the U.S., TD Bank received a record-breaking fine of over $3 billion due to long-standing deficiencies in its AML practices, including the oversight of high-risk transactions​ William Hill: In the UK, William Hill and its sister brand Mr. Green was fined £19.2 million for social responsibility and AML failures, which included allowing significant transactions without proper due diligence during the lockdown periods​ Guaranty Trust Bank UK Ltd: This bank was fined £7.6 million for major deficiencies in its AML processes, including inadequate due diligence on high-risk clients and failing to investigate the origins of clients’ wealth​ These cases underscore the ongoing strict regulatory stance on AML/CFT compliance, where failures lead to substantial financial penalties. The fines serve as a stark reminder of the importance of robust AML controls and the potential consequences of non-compliance. In a hindsight, the scope of tackling non-compliance has been broadened, and authorities are being empowered in that direction.

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jurisadmin March 17, 2022 No Comments

2025 Global AML/CFT Reforms: Strengthening Financial Security and Compliance

2025 Global AML/CFT Reforms: Strengthening Financial Security and Compliance For 2025, several major AML/CFT reforms are anticipated globally, each addressing the evolving challenges and requirements of financial regulation and compliance. United States: The U.S. Financial Crimes Enforcement Network (FinCEN) has proposed significant changes to strengthen AML/CFT programs across financial institutions. This proposed rule aims to ensure these programs are effective, risk-based, and well-designed to align with institutions’ specific risk profiles. This includes mandating a comprehensive risk assessment process, adjusting programs to counteract high-risk and low-risk customers and activities effectively, and maintaining a strong focus on national security threats like terrorism financing and major financial crimes​. European Union: The EU has finalized an extensive AML/CFT reform package, which includes the establishment of the EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), set to be operational by mid-2025. The reforms introduce a new Regulation on the prevention of the financial system’s use for money laundering or terrorist financing, updated regulations covering transfers of funds, and a new directive regulating access to centralized bank account registries. These regulations are designed to enhance transparency, particularly for beneficial ownership, and tighten due diligence requirements across the board​. Global Initiatives by FATF: The Financial Action Task Force (FATF) continues to play a crucial role in setting international AML/CFT standards. Under new leadership, FATF emphasizes inclusiveness, diversity, and transparency in its governance. It remains focused on identifying high-risk jurisdictions and ensuring global cooperation to combat money laundering and terrorist financing more effectively​. These reforms represent a significant shift towards more robust and risk-sensitive regulatory frameworks intended to improve global financial security and compliance. These developments highlight a global trend towards strengthening financial systems against illicit activities, ensuring that AML/CFT regulations remain effective in a rapidly changing economic landscape. These updates would be much crucial as they respond to the evolving landscape of financial crimes, emphasizing a more targeted and adaptive approach to compliance across high-risk areas, industries and jurisdictions in as much as focusing on risk assessment and enhancing transparency.

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