Mauritius – money laundering firm has its license revoked but not still NO prosecution (!!!)
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
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
- 22 March 2018 - Four Individuals Charged with Conspiring to Defraud the United States by Failing to Comply with Foreign Account Tax Compliance Act
- ... superseding indictment charging Panayiotis Kyriacou, ArvinsinghCanaye, Adrian Baron, and Linda Bullock with ...
- In July 2017, Kyriacou introduced the Undercover Agent to Canaye and advised that Canaye could assist with the ...
- Superseding indictment charging Panayiotis Kyriacou, ArvinsinghCanaye, Adrian Baron, and Linda Bullock with ...
- 02 March 2018 - Six Individuals And Four Corporate Defendants Indicted In $50 Million International Securities Fraud And Money Laundering Schemes
- ... in federal court in Brooklyn, against Panayiotis Kyriacou, ArvinsinghCanaye, Adrian Baron, Linda Bullock, Matthew ...
- commit securities fraud and money laundering conspiracy. Canaye was arrested yesterday and is scheduled to be ...
- in federal court in Brooklyn, against Panayiotis Kyriacou, ArvinsinghCanaye, Adrian Baron, Linda Bullock, Matthew ...
- 11 September 2018 - Former Executive of Loyal Bank Ltd Pleads Guilty to Conspiring to Defraud the United States by Failing to Comply with Foreign Account Tax Compliance Act (FATCA)
- ... to plead guilty in this case. On 26 July, 2018, ArvinsinghCanaye, formerly the General Manager of Beaufort ...
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