A conference on Economic Crime under the theme ‘Assets – Challenges Ahead’, aiming to enable all law enforcement agencies and regulators to understand the different aspects of virtual assets and the associated challenges and risks as well as to upskill them on the recommended regulatory frameworks, was opened on Friday morning at the Hennessy Park Hotel, in Ebène.
The event is an initiative of the Office of the Director of Public Prosecutions (DPP) in collaboration with the Integrity Reporting Services Agency (IRSA) and the Corporate and Business Registration Department (CBRD).
The DPP, Mr Satyajit Boolell, the Registrar of Companies, Mrs Prabha Chinien, the Director of IRSA, Mr Paul Keyton, representatives of law enforcement agencies, international experts and other personalities were present on the occasion.
Mr. Christian Nauvel from U.S. Department of Justice | Criminal Division, Money Laundering, and Asset Recovery Section | National Cryptocurrency Enforcement Team intervened via Zoom on the National Cryptocurrency Enforcement Team (‘NCET’)/United States.
The DPP, in his address, stated that Virtual Assets have come a long way and are the latest tools shaping the architecture of the financial industry. He underlined that this new trading currency has many benefits including attracting investors and entrepreneurs but is also associated with many threats when used fraudulently.
Mr Boolell spoke of the various challenges posed by Virtual Assets and the need to devise regulations in line with Financial Action Task Force (FATF) standards. The workshop, he said, will give an insight into the different components of illegal activities such as financial terrorism, anti-money laundering, fraud, bribery, and corruption. It will also provide an opportunity for law enforcement agencies and regulators to collaborate and devise strategies and frameworks to adapt to this new technology and prepare themselves to identify and combat any illegal activities.
He recalled that in view of providing a comprehensive framework for Virtual Assets Service Providers and Issuers of Initial Token Offerings, the Virtual Asset and Initial Token Offering Services Act was passed in 2021 and came into force in 2022. The Act was prepared in line with international standards to strengthen the development of key sectors and encourage innovation in Fintech and Regtech, he said.
For her part, Mrs Chinien highlighted that Virtual Assets are becoming more prominent and will continue to grow globally. She added that Virtual Assets are at its initial stage in Mauritius which, as a result, necessitates the collaboration of all regulators and law enforcement agencies to set regulatory frameworks in line with the FATF best practices.
She underlined that Virtual Assets Regulation is a challenging process and called on all stakeholders to pave the way forward to tackle the challenges posed by this new technology in the most efficient manner. The Registrar of Companies stressed on the need to ensure compliance with global standards and to prevent misuse of virtual technology to mitigate the risk of money laundering, and the proliferation of such related risks.
In the afternoon, the speakers talk about the legal perspective, the challenges, and the way forward. The last panel session will look at the state of Virtual Asset legislation around the world and how Virtual Assets are regulated. This session will be the most interactive one with panellists giving their final views on the current legal obstacles in regulating, investigating, and seizing virtual assets.
Final discussions on challenges ahead and the way forward were done by Ms. Amalia Neenan, Mr. Peter Fitzgerald, Ms. Amila Dissanayake, Mr. Ishant Ayadassen , Mr. Suyash Sumaroo and Mr. Christian Nauvel.
