Mauritius financial services sector is considered as one of the most efficiently regulated in Africa. The Financial Services Commission (FSC) of Mauritius is the integrated regulator for the non-bank financial services sector and global business in the country. Wealth management services are well regulated within the Mauritian Financial Services sector and this provides the level of comfort required by clients in asset preservation. With our Global Business and Investment Adviser license issued by the FSC, we are properly licensed and regulated to provide a range of tailor-made wealth management solutions to our clients.
The contact details of the FSC are as follows:
THE FINANCIAL SERVICES COMMISSION
54, Cybercity
Ebene, Mauritius
Tel: (230) 403 7000
Fax: (230) 467 7172
http://www.fscmauritius.org
Various levels of regulations
- Financial audits of wealth management companies
Eagle Wealth Management (Mauritius) Limited ("Eagle") is a private limited share company established according to Mauritian law and registered with the Registrar of Companies of Mauritius. Private Limited Companies being the most popular type of corporation in Mauritius are best suited to meet the requirements of foreign business interests. The Companies Act governing the organization of such companies states a high level of organizational duties especially aimed at the protection of the creditors. The directors, managers, and officers of a private limited company owe a fiduciary duty to the company for correct business conduct. Potential damages caused due to an intentional or negligent default in their duties may be reclaimed from such responsible persons, a system offering comfort to the shareholders of a private limited company.
The FSC, the Regulator for our company requires its licensees under the law to use specific International Accounting Reporting Standards for accounting and financial reporting. On an annual basis, the books of the company are audited by independent auditors reporting to the shareholders of the company. Such auditors have a duty to provide independent, professional and informed opinion stating to what extent the financial statements give a true and fair view of the state of the company’s affairs of the company and comply with Companies Act. Amongst others, they are able to request the relevant information regarding audit from the directors and are obliged to present the books of the company to the Bankruptcy Court in case the company is insolvent and is receiving claim from creditors and bankers.
The good standing of Eagle's auditors (i.e. DFK r.c. Partners, The Mauritian partner of DFK International) provide reasonable assurance regarding the reliability of financial reporting of the company. - Ongoing due diligence and anti-money laundering / combatting terrorism financing
Mauritius has a modern and efficient anti-money laundering and combatting the financing of terrorism legislation. Financial intermediaries like wealth managers are required to comply with statutory and regulatory obligations through a systematic and disciplined approach to assuring compliance with AML/CFT laws, codes and standards of good practice in order to prevent and combat money laundering and the financing of terrorism. Such obligations include the identification and verification of the client and the ultimate beneficial owner of the assets, the screening through independent checks and verification of the background of unusual or suspect asset transaction and the detailed documentation of all transactions. Financial intermediaries are also required to report any assets/transactions suspected to be the proceeds of any crime or linked or related to a criminal organization to the Financial Intelligence Unit (FIU).The wealth managers' adherence to the legal provisions of the anti-money laundering legislation is also regulated and monitored by FSC. The latter has set out numerous codes, regulations and laws like the Financial Services Act, the Financial Intelligence and Anti Money Laundering Act, the Securities Act, the Code on Prevention of Money Laundering and Terrorist Financing among others which all its licensees have an obligation to comply..
The above mentioned levels of Mauritian wealth management market regulation offer the certainty to customers entering into a relationship with Eagle to entrusting a corporation with their assets that is not only working ethically correct and professionally sophisticated but is also adhering to stringent rules and financial and regulatory auditing for your assets' safety.