A conference on Economic Crime under the theme Virtual Assets – Challenges Ahead opened on Friday at the Hennessy Park Hotel, in Ebène.
The event was an initiative of the Office of the Director of Public Prosecutions (DPP) in collaboration with the Integrity Reporting Services Agency (IRSA) and the Corporate and Business Registration Department.
The conference aimed to enable all law enforcement agencies and regulators to understand the different aspects of virtual assets and the associated challenges and risks as well as to upskill them on the recommended regulatory frameworks,
The Director of Public Prosecutions, Mr Satyajit Boolell, said Virtual Assets have come a long way and is the latest tool shaping the architecture of the financial industry.
He underlined that this new trading currency has many benefits including attracting investors and entrepreneurs but is also associated with many threats when used fraudulently.
Mr Boolell spoke of the various challenges posed by virtual assets and the need to devise regulations in line with Financial Action Task Force (FATF) standards.
The workshop, he said, will give an insight on the different components of illegal activities such as financial terrorism, anti-money laundering, fraud, bribery and corruption.
It will also will provide an opportunity for law enforcement agencies and regulators to collaborate and devise strategies and frameworks so as to adapt to this new technology and prepare themselves to identify and combat any illegal activities, he added.
Registrar of Companies, Mrs Prabha Chinien said virtual assets are at the initial stage in Mauritius. As a result, the collaboration of all regulators and law enforcement agencies is necessary to set regulatory frameworks in line with the FATF best practices.
The Registrar of Companies stressed on the need to ensure compliance with global standards and to prevent misuse of the virtual technology to mitigate the risk of money laundering.
Source: GIS Mauritius
