MCB found guilty of money laundering

The Mauritius Commercial Bank (MCB) was found guilty today of money laundering by magistrates Vijay Appadou and Renuka Dabee, under Articles 3 and 8 of the Financial Intelligence and Anti-Money Laundering Act.

The ICAC (the anti-corruption commission) criticized the bank for failing in its task by not properly regulating its internal control system. Consequence: Rs 881.6 million were diverted to the prejudice of the National Pension Fund (NPF).

The magistrates believe that too much freedom and powers have been granted to Robert Lesage, thus enabling it to commit fraud to the detriment of the NPF. “We fully agree with prosecution counsel that Mr Lesage was vested with too much authority,” the magistrates said.

 

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