Financial Crime World

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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulations in Mauritius

Introduction

The Financial Intelligence and Anti-Money Laundering Act (FIAMLA) and the FIAML Regulations 2018 are critical laws that aim to prevent money laundering and combat the financing of terrorism in Mauritius. These regulations require all financial institutions to implement effective AML/CFT policies and procedures to ensure compliance.

Key Points

Failure to Comply

  • Regulatory Action: Failure to comply with the FIAMLA and the FIAML Regulations 2018 may result in regulatory action.
  • License Revocation: Non-compliance may potentially lead to revocation of a license.

FATF Recommendations

  • Global Standards: The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction.
  • Recognized Standards: The FSC recognizes the FATF Recommendations as global standards in respect of AML/CFT.

Compliance Culture

  • Industry Partnership: Effective AML/CFT policies and procedures can only be delivered through partnership with the industry.
  • Open Approach: Financial institutions are expected to establish an open and positive approach to compliance and AML/CFT issues amongst all employees.