Connect with us


3 in 1: Financial Crimes Commission Absorbs ICAC, ARID, and IRSA



3 in 1: Financial Crimes Commission Absorbs ICAC, ARID, and IRSA

The Financial Crimes Commission (FCC) will unify the functions of the Independent Commission against Corruption (ICAC), the Asset Recovery Investigation Division (ARID), and the Integrity Reporting Services Agency (IRSA).

3 in 1: Financial Crimes Commission Absorbs ICAC, ARID, and IRSA

The director-general of the FCC, Navin Beekarry, has confirmed that the merger is progressing well.

The Financial Crimes Commission Act of 2023 was promulgated on March 29, 2024, integrating three institutions and repealing the Prevention of Corruption Act (2002), the Asset Recovery Act (2011), and the Good Governance and Integrity Reporting Act (2015).

Beekarry emphasized that it will take some time to set up the new structure and reconcile all three systems.

“It’s not going to happen overnight, but we are making progress quickly.

A dashboard and an action plan have been developed for the establishment of the new institution,” he said.

The new commission will be responsible for investigating, prosecuting, and recovering assets, as well as addressing unexplained wealth and other matters integrated into the law.

The whistleblower provision has also been expanded, according to Beekarry.

Beekarry participated in the second session of the “Digital Finance in Africa” workshop organized by the Regional Centre of Excellence and the Organisation for Economic Co-operation and Development (OECD) at the Méridien Hotel on June 21st.

The organization of the FCC will also focus on how public and private sectors can work together to combat financial crimes.

Regarding negative comments about his appointment as director-general of the FCC, Beekarry acknowledged that criticism is part of a conversation and must be accepted.

However, he said that if some criticisms are false, “we will contradict them. We will continue to work and move forward. The press will always be there to scrutinize what is happening,” he replied.

Digital Finance

Hemlata Sadhna Sewraj-Gopal, Second Deputy Governor of the Bank of Mauritius, noted that the banking system is digitalizing. The two-day conference allowed for exploring new avenues to make consumers winners. “As an international financial center, Mauritius must evolve with different developments,” she highlighted.

Source: Defi Media

Spread the News
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *