Financial Crime World

Mauritius Takes Swift Action Against Money Laundering and Financing of Terrorism and Proliferation

Mauritius, the island nation in the Indian Ocean, has been making significant strides in combating money laundering (ML), terrorist financing (TF), and proliferation financing (PF). The government’s commitment to eradicate these illicit activities is evident through the following initiatives:

International Compliance

  • Mauritius is dedicated to adhering to international anti-money laundering and counter-terrorist financing (AML/CFT) standards.
  • The country is a member of the Financial Action Task Force (FATF) and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).

Ratification of Treaties

Mauritius has ratified and acceded to several AML/CFT-related treaties, including:

  • United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (Vienna Convention)
  • United Nations Convention against Transnational Organized Crime (Palermo Convention)
  • UN Convention against Corruption
  • International Convention for the Suppression of the Financing of Terrorism

Mauritius has enacted crucial legislation to strengthen its AML/CFT legal framework, including:

  • Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA)
  • Financial Intelligence and Anti-Money Laundering Regulations 2018 (FIAMLR)
  • Asset Recovery Act 2011
  • United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019 (UN Sanctions Act)

These legislative measures provide the country with robust tools to prevent and deter financial crimes effectively. Some key provisions of these acts are:

Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA):

  • Establishes the Financial Intelligence Unit (FIU)
  • Imposes reporting obligations for designated non-financial businesses and professions

Financial Intelligence and Anti-Money Laundering Regulations 2018 (FIAMLR):

  • Sets standards for suspicious transaction reports (STRs) and customer due diligence (CDD)
  • Introduces restrictions on cash transactions

Asset Recovery Act 2011:

  • Criminalizes the receipt, concealment, or possession of proceeds from unlawful activities
  • Grants the Government the power to seize, forfeit, and confiscate assets suspected of being derived from unlawful activities

United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019 (UN Sanctions Act):

  • Implements United Nations Security Council resolutions
  • Imposes financial sanctions and travel restrictions on individuals and entities involved in terrorist activities, proliferation of weapons of mass destruction, or violations of international human rights law.

By enacting these legislative measures, Mauritius continues to strengthen its position as a leading financial hub while maintaining the highest standards of AML/CFT compliance.