Financial Crime World

Mauritius’ Financial Crime Enforcement Agencies: Committed to Combating Money Laundering and Terrorism

In an effort to combat money laundering (ML) and the financing of terrorism (TF), Mauritius has stepped up its enforcement efforts, imposing penalties on institutions that fail to implement adequate controls. The financial regulators in Mauritius have demonstrated their commitment to combating financial crime by strengthening their legislative frameworks, supervision, and information exchange.

International Conventions and Treaties

Mauritius has ratified several international conventions and treaties aimed at combating ML/TF, including:

  • United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances
  • United Nations Convention against Transnational Organised Crime
  • International Standards on Combating Money Laundering and the Financing of Terrorism issued by the Financial Action Task Force

Legislative Frameworks

To combat ML/TF, Mauritius has put in place several legislative frameworks, including:

  • Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA)
  • Prevention of Corruption Act 2002
  • Prevention of Terrorism Act 2002
  • Anti-Money Laundering and Countering the Financing of Terrorism Handbook (AML/CFT Handbook)

Supervision and Enforcement

The Financial Services Commission (FSC) is at the forefront of combating ML/TF. The agency has:

  • Released an AML/CFT Handbook to assist financial institutions in complying with national measures
  • Conducted onsite and offsite supervision, including inspections at licensees’ premises and examination of statutory returns and audited financial statements
  • Initiated a risk-based supervisory cycle
  • Exchanged information with public sector agencies, international organizations, foreign supervisory institutions, or law enforcement agencies to combat ML/TF

Information Exchange

The FSC has signed Memoranda of Understanding (MOUs) with regulatory bodies to facilitate mutual assistance and exchange of information.

Conclusion

Mauritius’ commitment to combating money laundering and the financing of terrorism is evident in its strengthened legislative frameworks, supervision, and information exchange. The country’s efforts demonstrate its position as a key player in the global fight against financial crime.