Financial Crime World

Mauritius Emerging Trends in Financial Crime: A Report

Mauritius has made significant strides in implementing the Financial Action Task Force (FATF) Recommendations, with its latest report revealing a shift in emerging trends in financial crime.

Progress and Improvements

The Follow-Up Report 2022 highlights Mauritius’ progress in addressing various aspects of anti-money laundering and combating the financing of terrorism. The country has made notable improvements in:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Confiscation and provisional measures (R.4)

Areas for Improvement

However, there are areas where Mauritius still needs to improve, including:

  • Transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25)

International Cooperation

The report also highlights Mauritius’ efforts in implementing targeted financial sanctions related to:

  • Terrorism and terrorist financing (R.6)
  • Proliferation (R.7)
  • Other forms of international cooperation (R.40)

Additionally, the country has made significant progress in:

  • Regulating and supervising financial institutions (R.26)
  • DNFBPs (R.28)

Compliance with FATF Recommendations

The report reveals that Mauritius is largely compliant with:

  • Record keeping (R.11)
  • Cash couriers (R.32)
  • International instruments (R.37)

However, there are areas where the country needs to improve further, including:

  • Reporting of suspicious transactions (R.20)
  • Reliance on third parties (R.17)

Conclusion

The Follow-Up Report 2022 provides valuable insights into Mauritius’ efforts in combating financial crime and highlights emerging trends in this area. The report serves as a useful tool for policymakers, regulators, and the private sector to understand the country’s progress and areas for improvement.

Mauritius has demonstrated its commitment to implementing FATF Recommendations and combating financial crime. However, there is still work to be done to ensure that the country remains compliant with international standards and best practices. The Follow-Up Report 2022 provides a roadmap for Mauritius to continue improving its anti-money laundering and counter-terrorist financing regime.