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Home News Mauritius – money laundering firm has its license revoked but not still NO prosecution (!!!)
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Mauritius – money laundering firm has its license revoked but not still NO prosecution (!!!)

05/01/2021

Beaufort Management Services Ltd (The Company)

  • Management License was suspended by the FSC with effect from 02 March 2018, and an investigation (the "Investigation") was launched into the Company's business.
  • The FSC then gave written notice to the Company, on 16 July 2020, of its intention to refer the matter to the Enforcement Committee (the "EC").
  • The Company was given the opportunity to make written representations in this respect. The Company duly responded to the FSC through its director, Mrs Hemavadi Poolay Soondram, by way of letter dated 04 August 2020.
  • Subsequent to an assessment of the Company's submissions, the matter was referred to the EC by the Chief Executive of the FSC in accordance with section 53(1) of the FSA for such action as it deems appropriate
  • https://www.fscmauritius.org/media/94261/publication-notice-bmsl-311220.pdf

Taking the above into account, one might question why nothing else has happened.

THE FSC ACCEPT THERE WAS CRIMINALITY - AS THEY SAY
  • According to an Indictment dated 28 February 2018, the Company and its General Manager, namely Mr Arvinsingh Canaye ("Mr Canaye"), have been, inter alia, charged with conspiracy to commit securities fraud, money laundering conspiracy and conspiracy to defraud the United States of America.

The Company's failures were due to the criminal connivance of Mr Arvinsingh Canaye ("Mr Canaye"), so one can only wonder why there is not a criminal prosecution?

AND WHAT WE ALSO KNOW
  • "Mr Canaye" pleaded guilty [JULY 2018] to a money-laundering conspiracy in the United States.
  • Canaye "devised and engaged in a scheme whereby they agreed to launder money by facilitating financial transactions to and from the US, which involved securities fraud proceeds and property represented to be proceeds of fraud in the sale of securities".
READ THE US INDITMENTS
MAURITIUS

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.