Financial Crime World

Mauritius Fortifies Financial Sector with Robust Anti-Money Laundering and Counter-Terrorist Financing Measures

Mauritius, a leading financial hub in the Indian Ocean, is committed to combating Money Laundering (ML) and terrorism financing (TF) through international initiatives and comprehensive legislations.

Key legislation

  • The Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA)
  • The Prevention of Corruption Act 2002
  • The Prevention of Terrorism Act 2002
  • The FSC AML-CFT Handbook

International commitments

  • Convention for the Suppression of the Financing of Terrorism Act 2003
  • FATF recommendations

Ratified International Conventions

Mauritius ratified the Convention for the Suppression of the Financing of Terrorism Act 2003, providing legal backing for international efforts against terrorist financing.

FATF Recommendations

Mauritius is a member of the Financial Action Task Force (FATF) and is dedicated to implementing the FATF recommendations.

Powerful Partnerships and Information Exchange

The Financial Services Commission (FSC) has the legislative authority to share information with various entities.

MOUs

The FSC has signed several Memorandum of Understandings (MOUs) to foster international cooperation and mutual assistance:

  1. With the Financial Intelligence Unit (FIU)
  2. With various regulatory bodies

These MOUs facilitate cross-border supervision, defined information-sharing mechanisms, and strengthen collaborative efforts in preventing ML and TF.

FSC-FIU Agreement

The FSC and the FIU signed a bilateral agreement addressing money laundering and terrorist financing prevention in 2012.

Active Collaboration and Global Compliance

Mutual Assistance

Through the Mutual Assistance in Criminal and Related Matters Act 2003, foreign authorities may request assistance from the Attorney General in judicial proceedings related to serious offenses.

International assessments

Mauritius invited the Financial Sector Assessment Programme (FSAP) conducted by the International Monetary Fund-World Bank in 2003 and 2007 to assess the Mauritian financial sector’s resilience to macroeconomic shocks and the sector’s contribution to economic growth. The AML/CFT framework based on the Forty Recommendations and the Nine Special Recommendations on Terrorist Financing of the Financial Action Task Force (FATF) was evaluated.

Regular updates

The FSC regularly updates its regulatory framework to meet new international standards set by organizations like the International Organisation of Securities Commission (IOSCO) and the International Association of Insurance Supervisors (IAIS). The commission reviewed its Risk-Based Supervision Framework to ensure licensees comply with AML/CFT legislation.

A Proactive Member of International Collaboration

Regional organizations

Mauritius is a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and actively committed to implementing the FATF recommendations within the region.

Disseminating alerts

The FSC plays a crucial role in disseminating investor alerts and warnings from international bodies such as IOSCO and other regulatory bodies to relevant stakeholders, shielding the market from unauthorized investment services providers.