Mauritius Takes Step towards Strengthening Financial Integrity

In its efforts to bolster its fight against money laundering, terrorist financing, and proliferation, Mauritius has undertaken a series of initiatives aimed at strengthening its financial architecture.

Risk Assessments: A Key Step towards Effective Risk Management

Comprehensive risk assessments have been conducted by Mauritius to identify potential vulnerabilities in its financial system. These assessments have helped the government develop targeted strategies for addressing money laundering, terrorist financing, and proliferation financing threats.

• The National Risk Assessment (NRA) of Mauritius, published in August 2019, identified key areas that require attention, including:
  • Strengthening the legal and regulatory framework
  • Implementing a comprehensive risk-based supervision framework
  • Enhancing national coordination and cooperation

Strengthening the Legal and Regulatory Framework

To address these concerns, Mauritius has established a comprehensive legal and regulatory framework consistent with international standards. Measures have been implemented to prevent the misuse of legal persons and arrangements for money laundering or terrorist financing.

Strategy Development: A Roadmap for Effective Implementation

The National Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Strategy, published in 2019, outlines eight core themes aimed at strengthening Mauritius’ ability to prevent, detect, and deter money laundering and the financing of terrorism and proliferation.

• The strategy focuses on key areas such as:
  • Strengthening the AML/CFT legal and regulatory framework
  • Implementing a comprehensive risk-based supervision framework
  • Enhancing national coordination and cooperation

Legislation: A Key Tool for Effective Implementation

Mauritius has enacted legislation aimed at combating money laundering, terrorist financing, and proliferation. The country’s Anti-Money Laundering Act of 2002 and the Financial Intelligence Centre Act of 2015 provide a legal framework for reporting suspicious transactions and freezing assets linked to terrorism.

Regional and International Cooperation: A Vital Component

Mauritius has demonstrated its commitment to regional and international cooperation in combating money laundering, terrorist financing, and proliferation. The country is a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and the Financial Action Task Force (FATF), which provides a platform for sharing best practices and coordinating efforts with other countries.

Conclusion

Mauritius’ efforts to strengthen its financial integrity demonstrate the country’s commitment to combating money laundering, terrorist financing, and proliferation. The risk assessments, strategy development, and legislation aimed at addressing these threats are crucial steps towards creating a robust financial system that is resistant to criminal abuse.