Financial Crime World

Mauritius Scores Mixed Results in Anti-Terrorist Financing Compliance, FATF Report Reveals

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The Financial Action Task Force (FATF) has released a report assessing the country’s efforts to combat money laundering and terrorist financing. The report highlights both strengths and weaknesses in Mauritius’ implementation of FATF recommendations.

Key Findings

  • Mauritius is largely compliant with requirements regarding national cooperation and coordination, as well as its laws related to confiscation and provisional measures.
  • Partial compliance was found in areas such as targeted financial sanctions related to terrorism and terrorist financing, and correspondent banking.
  • The report highlights mixed results for implementation of customer due diligence, record keeping, and reporting of suspicious transactions.

Areas of Strength

  • Regulation and supervision of financial institutions
  • Powers of supervisors
  • Financial intelligence units

Areas of Weakness

  • Targeted financial sanctions related to terrorism and terrorist financing
  • Correspondent banking
  • Internally controls and foreign branches and subsidiaries
  • Transparency and beneficial ownership of legal persons

Non-Compliance

  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs)
  • Transparency and beneficial ownership of legal arrangements

Recommendations

The report indicates that Mauritius has made progress in implementing FATF recommendations, but still faces challenges in several areas. The country’s authorities are advised to address these weaknesses to improve its overall compliance with anti-terrorist financing standards.

Overall, the report provides a comprehensive assessment of Mauritius’ efforts to combat money laundering and terrorist financing, highlighting both strengths and weaknesses.