Mauritius Banks Boost Compliance Training to Meet Global Standards
Mauritius has demonstrated its commitment to combating money laundering, terrorist financing, and proliferation financing (AML/CFT/CPF) by meeting the Financial Action Task Force (FATF) standards. The country’s robust regulatory framework has earned it a “Compliant” or “Largely Compliant” rating on all 40 FATF Recommendations.
Journey to Compliance
In February 2020, Mauritius was placed on the FATF Grey List, prompting the government to commit to strengthening its AML/CFT regime. International organizations and development partners provided technical assistance to support this effort.
Progress and Milestones
Mauritius has consistently showcased its progress through regular Enhanced Follow-Up Reports (FURs). The table below illustrates the country’s advancements:
| FUR | Date | Recommendations Compliant | Partially Compliant |
|---|---|---|---|
| 5th FUR | 2022 | 14 | 26 |
| 4th FUR | September 2021 | 13 | 26 |
| 3rd FUR | December 2020 | 11 | 25 |
Removal from Grey List and Ongoing Initiatives
Mauritius successfully exited the FATF Grey List in October 2021, ahead of schedule, and was subsequently removed from the UK’s and EU’s lists of high-risk third countries. Despite exiting the grey list, Mauritius remains committed to sustaining AML/CFT reforms.
- Implemented comprehensive legislation on virtual assets and initial token offerings following a risk assessment exercise.
- Conducting a second National Risk Assessment to identify ML/TF risks in its ecosystem.
- Introducing an AML/CFT (Miscellaneous Provisions) Bill into the National Assembly to address any gaps identified during the assessment.
Capacity Building, Training, and Awareness-Raising
Mauritius prioritizes capacity building, training, and awareness-raising programs. The country:
- Organizes trainings, outreach activities, experience-sharing sessions, and workshops with international partners.
- Continues to focus on enhancing regional and international cooperation, sharing its experiences and lessons learned in tackling illicit financial flows.
By meeting the FATF standards, Mauritius has solidified its commitment to combating money laundering, terrorist financing, and proliferation financing, while promoting a robust regulatory framework for its banking sector.