Does Registry

Ease

Provide

Opportunity to

Defraud?

A Case Study -

Mauritius

experience….

D.Prabha Chinien,Registrar of Companies, Mauritius

CRF, Auckand, March 2013

FRAUD THREATS

OBLIGATION TO PROTECT:-

• PROPERTY OF PERSON AND COMPANIES

• IDENTITY

• INVESTMENT

MEASURES IMPLEMENTED TO MITIGATE RISKS

Legislative

Administrative procedures

Education – Staff

Public

Main 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

LEGISLATIVE CHANGES

Legislative changes

• Disclosure of beneficial ownership:-

‘’ where the shares are held by a nominee, the names in alphabetical order and the last known addresses of the persons giving to the shareholder instructions to exercise a right in relation to a share either directly or through the agency of one or more persons’’

OTHER LEGISLATION

PACKAGE OF LEGISLATION INTRODUCED TO COMBAT 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

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

ADMINISTRATIVE PROCEDURES

Control access to public access to physical records by:

• Identity checks

• Disclosure of personal details

ADMINISTRATIVE PROCEDURES

• Management Companies- due

diligence

Presenter’s details:

New safeguards to ensure identity of the person submitting the application

Education

• Continuous training on risks associated

with keeping of information

• Awareness campaign on :

• Legislation to combat fraud

• Public – wide disclosure of information

Conclusion

Does registry ease the opportunity for defraud?

• Opportunity real but ways and means to avoid the risks

• Is it the role of the Registry to ascertain that?

THANK YOU