Financial Non-compliance: Fines Ranging from Rs 5,000 to Rs 250,000 Based on Severity

The Council of Ministers approved on Friday the promulgation of the 2025 regulations on administrative sanctions under the Financial Intelligence and Anti-Money Laundering Act (FIAMLA). These regulations provide a comprehensive list of legal obligations breaches, classified by severity: minor, moderate, or severe. The sanctions range from Rs 5,000 to Rs 250,000.

The regulations also require regulatory bodies to consider several key factors before determining the penalty amount, including the severity and duration of the breach, recurrence of non-compliance, compliance history, general conduct of the member involved, corrective measures already taken, and the economic impact of the sanction.

The promulgation of these regulations serves as a call to action for all regulatory authorities to ensure that breaches are detected, investigated, and penalized swiftly and consistently.

The relevant bodies include: the Financial Intelligence Unit (FIU), the Gambling Regulatory Authority (GRA), the Mauritius Institute of Professional Accountants (MIPA), and the Registrar of Companies.