(Company license number: 40534).
“Money laundering is principally a means to disguise the source of criminal funds”.
Its secondary objectives include providing a safe haven for those funds, and providing a financial return on them by using legitimate business. The essence of the activity is concealment.
As a financial services company which intends to be licensed by the FSC, GTC has a special duty to ensure that it cooperates with the law and the enforcement authorities to enforce the FATF recommendations and the various laws that are in place in Mauritius at the present time and any time in the future.
Money laundering has been legally defined as the use of money derived from illegal activity by concealing the identity of the individuals who obtained the money and converted it to assets that appear to have come from a legitimate source. A simple definition is the washing of dirty money to make it appear legitimate.
Money laundering is the process by which criminals attempt to conceal the nature, location or ownership of the proceeds of their criminal activities. The process is generally seen as occurring in three stages:
- Placement the physical disposal of the initial proceeds claimed from illegal activity. usually consists of cash payments into a bank account.)
- Layering establishes complex layers of financial transactions to disguise the audit trail. (Most layering is carried out using monetary instruments and electronic funds transfers.)
- Integration the provision of apparent legitimacy to criminally derived wealth. (Integration typically consists of a complex web of transactions designed to make tracing of the original source of funds impossible.)
- What to do when becoming suspicious
- How suspicious do you have to be?
- Internal Reporting
- External Reporting
- Counterparty Relations
- Suspension or refusal to carry out transactions
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