Mauritius | Does Registry Ease Provide Opportunity to Defaud (Prabha Chinien)

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Mauritius | Does Registry Ease Provide Opportunity to Defaud (Prabha Chinien)

  1. 1. Does RegistryEaseProvideOpportunity toDefraud?A Case Study -Mauritiusexperience…. D.Prabha Chinien, Registrar of Companies, Mauritius CRF, Auckand, March 2013
  2. 2. FRAUD THREATSOBLIGATION TO PROTECT:-• PROPERTY OF PERSON AND COMPANIES• IDENTITY• INVESTMENT
  3. 3. MEASURES IMPLEMENTED TOMITIGATE RISKSLegislativeAdministrative proceduresEducation – Staff Public
  4. 4. LEGISLATIVE CHANGESMain legislation in relation to companies –Companies Act 2001• New provision to disclose service address in addition to residential address• Proof of address• Identity Card/passport details
  5. 5. Legislative changes• Disclosure of beneficial ownership:-‘’ where the shares are held by a nominee, thenames in alphabetical order and the last knownaddresses of the persons giving to theshareholder instructions to exercise a right inrelation to a share either directly or throughthe agency of one or more persons’’
  6. 6. OTHER LEGISLATIONPACKAGE OF LEGISLATION INTRODUCED TOCOMBAT FRAUD:• The Financial and Anti Money Laundering Act Financial and Intelligence Unit• The Prevention of Corruption Act - ICAC• Data Protection Act• The Computer Misuse and Cybercrime Act 2003• Information Technology (Misc) Provisions Act
  7. 7. ADMINISTRATIVE PROCEDURES STAFF• Inbuilt features in the system• Password for staff• Identification badge• Audit trail• Limit access to use of electronic signature template• Active directory server to limit access
  8. 8. ADMINISTRATIVE PROCEDURESControl access to public access to physicalrecords by:• Identity checks• Disclosure of personal details
  9. 9. ADMINISTRATIVE PROCEDURES• Management Companies- due diligence Presenter’s details: New safeguards to ensure identity of the person submitting the application
  10. 10. Education• Continuous training on risks associatedwith keeping of information• Awareness campaign on :• Legislation to combat fraud• Public – wide disclosure of information
  11. 11. ConclusionDoes registry ease the opportunity fordefraud?• Opportunity real but ways and means to avoid the risks• Is it the role of the Registry to ascertain that?
  12. 12. THANK YOU

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