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MAURITIUS AML GUIDELINES FOR INDIVIDUALS: COMPLIANCE STATUS WITH FATF STANDARDS
Mauritius has demonstrated a strong commitment to combating money laundering, terrorism financing and proliferation (AML/CFT/CPF), solidifying its position as a jurisdiction of substance with a robust regulatory framework. The country has been assessed as “Compliant” or “Largely Compliant” with all 40 Financial Action Task Force (FATF) Recommendations, underscoring its dedication to uphold global standards and adhere to international best practices.
Progress in Fighting Illicit Financial Flows
In February 2020, Mauritius was placed on the FATF Grey List. In response, the Government made a high-level political commitment to work with the FATF to strengthen its AML/CFT regime and prioritize the implementation of the FATF Action Plan. With technical assistance and support from international organizations and development partners, Mauritius has consistently demonstrated progress in fighting illicit financial flows.
Enhanced Follow-Up Reports
The table below illustrates the country’s progress through Enhanced Follow-Up Reports (FUR) following the Mutual Evaluation Report (MER) in 2018:
| Enhanced Follow-Up Report | FATF Recommendations | Compliance Status |
|---|---|---|
| 5th FUR (2022) | - | Largely Compliant |
| 4th FUR (Sept 2021) | - | Largely Compliant |
| 3rd FUR (Dec 2020) | - | Largely Compliant |
| 2nd FUR (Sept 2019) | - | Largely Compliant |
| 1st FUR (April 2019) | - | Partly Compliant |
| Mutual Evaluation Report (2018) | - | Non-Compliant |
Exceeding Expectations
In October 2021, Mauritius successfully exited the FATF Grey List, ahead of schedule, demonstrating its unwavering political commitment to sustaining AML/CFT reforms. This achievement was followed by removal from the United Kingdom’s and European Union’s List of High-Risk Third Countries in November 2021 and March 2022, respectively.
Ongoing Initiatives
Despite exiting the FATF Grey List, Mauritius continues to maintain momentum in the fight against money laundering, terrorism financing and proliferation financing. The country has carried out risk assessment exercises, including a comprehensive legislation on virtual assets and initial token offerings.
- Conducting its second National Risk Assessment, including sectoral risk assessments, to identify ML/TF risks associated with its ecosystem.
- Introducing an AML/CFT (Miscellaneous Provisions) Bill to address gaps identified during the National Risk Assessment.
- Consolidating capacity building, training and awareness-raising programs through trainings, outreach activities, experience sharing sessions and workshops.
Regional and International Cooperation
Mauritius remains committed to enhancing regional and international cooperation, assisting other countries by sharing its experience gained and lessons learned in tackling illicit financial flows.