News

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