BIZweek n°376 7 jan 2022
BIZweek n°376 7 jan 2022
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  • Parution : n°376 de 7 jan 2022

  • Périodicité : hebdomadaire

  • Editeur : Capital Publications Ltd

  • Format : (260 x 370) mm

  • Nombre de pages : 8

  • Taille du fichier PDF : 1,6 Mo

  • Dans ce numéro : rapport Africain sur l'énergie 2022.

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VENDREDI 07 JANVIER 2022 BIZWEEK ÉDITION 376 The Financial Services Commission (FSC) The FSC is the integrated regulator in Mauritius for the financial services sector other than banking, and global business. It has, for the year 2021, conducted 40 on-site inspections on Management Companies/Corporate Trustees to assess their AML/CFT compliance. The on-site inspections focused mainly on the following : Enterprise risk assessment and its application to clients ; AML/CFT policies and procedures ; IT systems, software and transaction, Politically Exposed Person (PEP) and Targeted Financial Sanctions (TFS) screening tools ; Record keeping ; Customer due diligence including beneficial ownership ; Enhanced due diligence including PEPs ; Targeted financial sanctions and asset freezing ; Suspicious transaction reporting process, Suspicious Transaction Reports (STRs) and internal disclosures ; Compliance Officer, Money Laundering Reporting Officers (MLRO), Board of Directors and Senior Management Oversight ; AML/CFT training of Compliance Officer, MLRO, Board Directors and employees ; and Effectiveness of the Internal Audit regarding AML/CFT. In addition to the above, 3 on-site inspections were carried out on companies involved in Global Headquarters Administration/Global Legal Advisory Services. Based on the findings of the on-site inspections, 4 Trust or Company Service Providers (TCSPs) were referred to Enforcement Directorate. On-site inspections of Insurers and Insurance Intermediaries The FSC has, for the year 2021, conducted 13 on-site inspections for 8 insurers and 5 insurance intermediaries. The objectives of the inspection were to : Ascertain compliance with relevant laws and regulations ; Determine whether dealings with policyholders and public are fair and transparent ; and Ensure adherence to anti-money laundering laws and regulations. On-site inspections of Investment Funds and their Intermediaries The FSC has, for the year 2021, conducted 234 on-site inspections for investment funds and their intermediaries related to both domestic companies and holders of Global Business Licence as per the table below  : The objectives of the on-site inspections ACTA PUBLICA FINANCIAL SERVICES COMMISSION Regulatory actions and on-site inspections  : 2021 under review The Financial Services Commission (FSC) has been admitted as a member of ANNA on 02 December 2021 and is henceforth recognised as the sole NNA for Mauritius for proper oversight on the issue of International Securities Identification Numbers (ISIN). Earlier on, it launched the Regulatory Framework on Crowdfunding on 25 November 2021. Regarding its licensees, the Commission conducted 40 on-site inspections on Management Companies/Corporate Trustees, 13 on-site inspections for 8 insurers and 5 insurance intermediaries, 234 on-site inspections for investment funds and their intermediaries and over 30 AML/CFT focused on-site inspections were to check the adherence of licensees to the Financial Intelligence and Anti-Money Laundering Act 2002 and the Financial Intelligence and Anti-Money Laundering Regulations 2018. - IIMMI Number of on-site inspections Collective Investment Schemes/Closed-end Funds 169 CIS Managers 60 Custodian (CIS and Non-CIS) 0 Distribution of Financial Products 2 Asset Management 3 Regulatory actions taken in 2021 The FSC is committed to a fair, proportionate and consistent application of its enforcement powers to protect consumers of financial services and to take appropriate action against non-compliant licensees whenever necessary. The following actions were taken in 2021 : 2 licences were suspended ; 5 licences were revoked ; 1 approval to act as Captive Insurance Agent was revoked ; 1 authorisation to act as Collective Investment Scheme was withdrawn ; Administrative penalties by way of settlement were imposed against 3 licensees ; Administrative penalties were imposed against 8 licensees and one officer respectively by the Enforcement Committee ; 6 private warnings were issued against 1 licensee and 5 officers respectively ; and 1 officer was disqualified. AML/CFT focused On-site Inspections of Financial Services Intermediaries The FSC, through its Capital Markets Unit, has as at 30 November 2021, conducted over 30 AML/CFT focused on-site inspections in line with the Risk-Based Supervision plan for the second cycle of 2021/2022 and pursuant to Section 43 of the FSA. The on-site inspections were focused on risks identified both at the national level through the National Risk Assessment as wellas at the sectorial and entity levels. The on-site inspections conducted on the premises of entities licensed under the Securities Act and FSA were focused mainly on the following parameters : Enterprise risk assessment and its application to clients ; AML/CFT policies and procedures ; IT systems, software and transaction, PEP and TFS screening tools ; Record keeping ; CDD including beneficial ownership ; Enhanced Due Diligence including PEPs ; Targeted financial sanctions and freezing of assets ; Suspicious transaction reporting process, STRs and internal disclosures ; Compliance Officer, MLRO, Board of Directors and Senior Management Oversight ; AML/CFT training of Compliance Officer, MLRO, Board Directors and employees ; and Effectiveness of the Internal Audit regarding AML/CFT. 6
VENDREDI 07 JANVIER 2022 BIZWEEK ÉDITION 376 NJ Ayuk Executive Chairman African Energy Chamber POST SCRIPTUM CALLING UPON AFRICAN STATES AND THE PRIVATE SECTOR Why We Need African Energy Banks. Now. For those of us who care about Africa’s oil and gas industry, it’s time to face facts  : We need to find a way to save it ourselves. The African Energy Chamber is callingupon African states and the private sector to establish energy banks focused on funding African energy projects. The idea is to create funding sources for all types of African energy — from oil and gas exploration to solar and hydrogen operations — that will not depend on foreign support. No more begging for aid that only would be awarded on the condition that we abandon fossil fuels For more than a year, the African Energy Chamber has been pushing back against steadily building pressure to halt new foreign investments in Africa’s oil and gas industry. To prevent catastrophic climate change, environmental organizations, financial organizations, and governments across Europe and North America have insisted that developing nations, including those in Africa, must immediately transition from fossil fuel production and usage to renewable energy sources like solar, wind, and hydrogen. Mind you, the majority of those making these demands are based in industrialized nations that were built on fossil fuels — oil and gas fueled their economic engines — yet they are unwilling to allow less developed nations to use fossil fuels to the same end. Even more troubling, the African countries these groups are taking aim at have a wealth of natural resources under their feet, resources that can be used to deliver reliable power, to grow economies, and to build a better future. These are a few of the reasons that the Secretary General of the African Petroleum Producers’Organization, Dr. Omar Farouk Ibrahim, has rightly pointed out that it would be a mistake for Africans to abandontheir abundant petroleum resources. Turning our backs on approximately 130 billion barrels of proven crude oil reserves and over 15 trillion standard cubic meters of natural gas, to pursue expensive, unreliable energy sources, would not be a wise course of action. The African Energy Chamber has stated, over and over, that Africa still needs its oil and gas sector. And, we’ve tried to explain the important role that international oil companies (IOCs), foreign governments, and investment institutions play in building the kind of oil and gas sector that will truly benefit Africans. IOCs, for example, engage in knowledge sharing and provide opportunities for Africans to build valuable job skills. What’s more, foreign oil and gas investments generate revenue that can be used to build and improve energy infrastructure — for both fossil fuels and renewables. And, by supporting natural gas projects, investors create a path for gasto-power projects that help minimize the continent’s widespread energy poverty. Critical opportunities for Africans In July 2021, when it became apparent that reasoning was not yielding results, the chamber went so far as to employ the same tactics the international community used against our members. We called for boycotts against financial institutions that discriminated against the African oil and gas industry. But the calls to stop financing African oil and gas have only grown louder and more insistent. Most recently, during the 2021 United Nations Climate Change Conference (COP26) in Glasgow, more than 20 countries and financial institutions pledged to stop public financing for overseas fossil fuel projects. For those of us who care about Africa’s oil and gas industry, it’s time to face facts  : We need to find a way to save it ourselves. The African Energy Chamber is callingupon African states and the private sector to establish energy banks focused on funding African energy projects. The idea is to create funding sources for all types of African energy — from oil and gas exploration to solar and hydrogen operations — that will not depend on foreign support. No more begging for aid that only would be awarded on the condition that we abandon fossil fuels. We can do this, and we must. Too much is at stake. We can’t afford not to capitalize on such recent discoveries as the light oil found offshore Angola, the oil in Namibia’s Kavango Basin, the shale gas in South Africa’s Karoo Basin, or the oil and natural gas off the coast of Côte d’Ivoire. Those are only a few of the important discoveries that occurred in 2021, and each represents critical opportunities for everyday Africans. Pressing Needs Call for Definitive Action The call for Africa to save its oil and gas industry alive is not based on greed, on making money for an elite few. We’re not placing economic objectives above our people or the climate. On the contrary, we are convinced that harnessing our oil and gas is the best way to meet some of our people’s most pressing needs. And we believethat pursuing our oil and gas opportunities is not the environmental catastrophe that some have suggested it is. As OPEC Secretary General Mohammad Sanusi Barkindo has said, addressing energy poverty in Africa is an urgent matter that must take priority over abandoning oil and gas. Barkindo described the devastating impacts of energy poverty during African Energy Week in Cape Town. (Incidentally, that meeting was organized after Londonbased Hyve Group/Africa Oil Week moved from Capetown to Dubai. Imagine talking about African energy somewhere other than in Africa ? Seems like that’s another example of the West holding our energy industry in low regard.) « The unfortunate reality for developing countries is that a staggering 759 million people worldwide did not have access to electricity in 2019, with around 79% of them located in Africa, » Barkindo said. « Moreover, there were roughly 2.6 billion people or 34% of the global population who did not have access to clean cooking fuels and technologies — and this includes a massive 70% of Africans who have no access, exposing them to high levels of household air pollution. » « The energy poverty numbers for Africa are stark, » Barkindo continued « And to add in one further number, Africa accounts for only around 3% of global emissions. » As the chairman of the African Union, President Macky Sall of Senegal, has said, African states are open to embracing renewable energy sources  : The problem comes when we are bullied into givingup our fossil fuels, and the opportunities they represent, on others’timetables. « Our countries cannot achievean energy transition and abandonthe polluting patterns of the industrialised countries without a viable, fair and equitable alternative, » Stated Sall. « Our countries, which are already shouldering the crushing weight of unequal trade, cannot bear the burden of an unfair energy transition. » President Sall is right and so is South African President Cyril Ramaphosa, who said, « We must contend not only with these primary dangers (of climate change), but also with potential economic and social damage should the global community fail to deal with the crisis in a way that works for developing as wellas developed markets. » We Can Do This Developing African energy banks is a way to protect our countries from those social and economic dangers. China might be a credible partner to Africa in building these unique financial infrastructures. 7 Cont’d on page 8

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