Section 10: Functions of FIU

10. Functions of FIU (1) The FIU shall be the central agency in Mauritius responsible for receiving, requesting, analysing and disseminating to the investigatory and supervisory authorities disclosures of information— (a) concerning suspected proceeds of crime and alleged money laundering offences; [Issue 8] F8 – 8 Revised Laws of Mauritius (b) required by or under any enactment in order to counter money laundering; or (c) concerning the financing of any activities or transactions related to terrorism. (2) For the purpose of subsection (1), FIU shall— (a) collect, process, analyse and interpret all information disclosed to it and obtained by it under the relevant enactments; (b) inform, advise and cooperate with the investigatory and supervisory authorities; (ba) issue guidelines to members of a relevant profession or occupation on measures to combat money laundering or financing of terrorism that are in force in jurisdictions having standards comparable to Mauritius; (c) issue guidelines to banks, financial institutions, cash dealers, controllers or auditors of credit unions and members of a relevant profession or occupation on the manner in which— (i) a report under section 14 shall be made; and (ii) additional information may be supplied to FIU, on a suspicious transaction, pursuant to a request made under section 13 (2) or (3); (d) – (e) — (f) exchange information with overseas financial intelligence units and comparable bodies; (g) undertake, and assist in, research projects in order to identify the causes of money laundering and terrorist financing and its consequences; (h) perform such other functions as are conferred on it under the Asset Recovery Act. (3) Any institution to which, or person to whom, guidelines are issued under subsection (2) (ba) or (c) shall comply with those guidelines. (4) Where an institution or a person fails to comply with guidelines issued under subsection (2) (ba) or (c), the institution or person shall be liable to pay a penalty not exceeding 50,000 rupees for each day on which such breach occurs as from the date on which the breach is notified or otherwise comes to the attention of FIU and such penalty may be recovered by the Director as if it were a civil debt. (5) Any penalty collected by the Director under subsection (4) shall, as soon as practicable, be paid into the Consolidated Fund. (6) For the purpose of section 18(3A), a regulatory body which exercises control over members of a relevant profession or occupation may require any member of the relevant profession or occupation to furnish it with such information and produce such record or document at such time and place as the regulatory body may require in writing. F8 – 9 [Issue 9] Financial Intelligence and Anti-Money Laundering Act (7) Any member of a relevant profession or occupation who fails to furnish the information or produce the record or document required under subsection (6) shall commit an offence and shall, on conviction, be liable to a fine not exceeding 500,000 rupees and to imprisonment for a term not exceeding 5 years. [S. 10 amended by s. 3 (b) of Act 34 of 2003 w.e.f. 27 September 2003; s. 11 (b) of Act 15 of 2006 w.e.f. 7 August 2006; s. 11 (b) of Act 20 of 2011 w.e.f. 16 July 2011; s. 11 (d) of Act 27 of 2012 w.e.f 22 December 2012; s. 17 (c) of Act 27 of 2013 w.e.f. 21 December 2013; s. 10 (1) (b) of Act 29 of 2015 w.e.f. 26 January 2016; s. 22 (b) of Act 18 of 2016 w.e.f. 7 September 2016.]