Foundation Act
In line with the Government of Mauritius commitment to adopt the recommendations of the Financial Action Task Force (FATF) and to remove Mauritius from the grey list of this institution, changes made to Foundation Act include the granting of more powers to the Registrar for collection and exchange of information.
Education and Exchange of Information:
The Foundation Act has been amended to enable the Registrar to share information on beneficial ownership and other details to Competent Authorities responsible for prevention of Money Laundering and combating of terrorism financing and proliferation financing both in Mauritian and foreign law enforcement agencies.
A Foundation should also henceforth require at least one officer ordinarily resident in Mauritius to be responsible for all basic information including information on beneficial ownership to the Competent Authorities upon request.
Records on Charitable Foundations:
Charitable foundations registered under the said Act will be required:
- to prepare and submit financial statements for such period as the Registrar may determine together with detailed breakdowns of receipts, payments and assets and liabilities
- to make payment by cheque or such other electronic means, and for such amount, as the Registrar may authorise
- to keep records of both domestic and international transactions for at least 7 years; and
- to take appropriate measures to:
- Confirm the identity, credentials and good standing of its beneficiaries and beneficial owners, if any;
- Verify whether its beneficiaries and beneficial owners, if any, are involved with, or using the funds of the charitable Foundation to support, terrorists or terrorist organisations; and
- Verify the identity of its significant donors