Speaker

Jo French
About The Speaker

Jo specialises in developing contemporary bespoke technical in-house CPD programmes covering a range of AML, compliance, and governance issues. She has over 25 years’ experience in delivering expert training to a wide range of financial service businesses both in the Crown Dependencies and internationally, including Mauritius. This has also included institutions such as British Bankers Association, the Association Corporate Service Providers in the Isle of Man, and the Guernsey Training Agency. In addition, she has taught on the International Compliance Association’s full range of AML and compliance qualifications since 2005.

Jo is also a senior lecturer, delivering and writing courses across the whole syllabus for The Governance Institute, (formally ICSA), with special emphasis on Trust and Companies, Corporate Governance, Risk and Board Dynamics.

A committed educationalist, Jo is Fellow of The Governance Institute (ICSA), has a First-Class Law Degree (LLB) and Masters in Law (LLM) from Queen Mary University of London specialising in financial services law. She is passionate about the delivery of accessible and innovative training courses.

Upcoming Event

Foundation Fundamentals for Corporate Service Providers

Course Details
Learning outcomes
  • Understand what a Foundation is and how it differs from companies and trusts
  • Trace the history of Foundations and why they matter in IFCs
  • Identify key features under modern legislation
  • Explore uses in estate and financial planning
  • Recognise vulnerabilities and risk areas relevant to CSPs importance of maintaining accurate records and meetings.
COURSE CONTENTS
1. What is a Fondation?
Definition and Legal Nature
  • Foundation as a legal entity — hybrid between a trust and a company
  • No shareholders; established for a purpose or beneficiaries
  • Separate legal personality
  • Governed by a charter and by laws
Comparison with Other Structures
  • Foundation vs Trust — control, transparency, legal personality
  • Foundation vs Company — ownership, governance, purpose
  • Why clients choose one over the other
Mauritian Context
  • Foundations Act 2012
  • Why Mauritius introduced Foundations (competition with Liechtenstein, Panama, Seychelles)
2. History and Development of Foundations
Modern Evolution
  • Shift from purely charitable to private wealth management
  • Adoption by IFCs to attract HNWIs and family offices
  • Increased global scrutiny post Panama Papers
Mauritian Adoption
  • Strategic move to diversify wealth structuring tools
  • Alignment with OECD, FATF, and AML/CFT frameworks
  • Growth in use by African, Asian, and Middle Eastern clients
3. Key Features of Foundations
Constitutional Documents
  • Charter — mandatory, public
  • By laws — optional, private
Parties Involved
  • Founder — initiates and contributes assets
  • Council — governance body
  • Beneficiaries — named or class
  • Guardian — oversight role (especially for purpose foundations)
Legal and Operational Features
  • Separate legal personality
  • Perpetual or limited duration
  • Asset protection characteristics
  • Ability to hold shares, property, bank accounts
  • Redomiciliation in/out of Mauritius
  • Registration and ongoing compliance obligations
Tax Treatment in Mauritius (Brief)
  • Optional tax residence
  • 15% corporate tax with partial exemption regime
  • No capital gains tax
  • No withholding tax on distributions (subject to conditions)
4. Uses of a Foundation in Estate and Financial Planning
Estate Planning
  • Succession planning for multi jurisdictional families
  • Avoiding forced heirship rules
  • Continuity of asset management across generations
  • Confidentiality of beneficiaries
Asset Protection
  • Segregation of personal and business assets
  • Protection from political instability or creditor claims (within legal limits)
Wealth Management
  • Holding companies, investment portfolios, real estate
  • Family governance and long term stewardship
  • Philanthropic purposes
Corporate Uses
  • SPVs for holding intellectual property
  • Ownership of private trust companies
  • Employee benefit or pension structures
5. Potential Vulnerabilities of Foundations
Regulatory & Compliance Risks
  • Misuse for tax evasion or money laundering
  • Inadequate due diligence on founders or beneficiaries
  • Use of nominee founders to obscure ownership
Governance Weaknesses
  • Weak or inactive council
  • Lack of oversight by guardian
  • Poorly drafted charter/by laws leading to disputes
Operational Risks
  • Failure to maintain proper records
  • Non compliance with annual filings
  • Improper asset transfers or undocumented decisions
Reputational Risks
  • Association with jurisdictions perceived as secrecy havens
  • Media exposure (e.g., Panama Papers)
How CSPs Mitigate These Risks
  • Strong KYC/AML frameworks
  • Clear governance protocols
  • Regular compliance reviews
  • Transparent communication with regulators and banks