Purpose

The purpose of this paper is to assess the current legal framework on money laundering control in the insurance sector. Essentially, this examination is premised on the interrogation of whether it is still appropriate for Mauritius to apply such stringent, opaque and unyielding Anti-Money Laundering/Combating Financing of Terrorism norms and rules on general insurance when developed nations such as the UK and Singapore have done away with them for a more effective combat against money laundering. It would also be assessed why the financial services commission (FSC) is not able to draw inspiration from its British and Singaporean counterparts in fighting money laundering more effectively.

Design/methodology/approach

This paper uses the doctrinal legal research methodology which is colloquially described as “black-letter law” approach. It is backed up by a contextual legal analysis that is based on an analysis of relevant legal provisions. It relies ground experience from the insurance industry through the experience of the authors. A comparative approach is used with Singapore and the UK as case studies given that there are significant commonalities to the Mauritian jurisdiction as well as useful differences.

Findings

It is observed that a move towards a de-regulation of the legal framework on money laundering in the insurance sector with a more relaxed approach is more effective for the Mauritian insurance sector. Evidence is drawn from the Singaporean and British models. A re-structuring of the FSC of Mauritius is also warranted for such an approach to be adopted.

Originality/value

This paper is among the first academic contribution that proposes a de-regulation and the adoption of a relaxed approach of and by the Mauritian Insurance Industry for a more effective combat against money laundering. It serves as a legal foundational basis for further research in this direction.

中文翻译：

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评估毛里求斯放松保险业管制以打击洗钱的必要性：与新加坡和英国的比较研究

目的

本文的目的是评估保险业当前反洗钱控制的法律框架。从本质上讲，这项审查的前提是质疑毛里求斯在英国和新加坡等发达国家已经实施了如此严格、不透明和强硬的反洗钱/打击资助恐怖主义规范和规则的情况下是否仍然适合一般保险废除它们是为了更有效地打击洗钱活动。还将评估为什么金融服务委员会（FSC）无法从英国和新加坡同行那里汲取灵感来更有效地打击洗钱。

设计/方法论/途径

本文采用理论法学研究方法，通俗地称为“黑字法”方法。它得到基于对相关法律条款分析的背景法律分析的支持。它依赖于作者的经验和保险行业的实际经验。鉴于毛里求斯司法管辖区存在显着的共同点以及有用的差异，因此采用比较方法与新加坡和英国作为案例研究。

发现

据观察，以更宽松的方式放松对保险业洗钱法律框架的管制对于毛里求斯保险业来说更为有效。证据来自新加坡和英国的模式。为了采用这种方法，毛里求斯金融服务委员会也需要进行重组。

原创性/价值

本文是第一个提出毛里求斯保险业放松管制并采取宽松方法以更有效地打击洗钱活动的学术贡献之一。它为该方向的进一步研究奠定了法律基础。