Financial Crime World

Mauritius Issues Revised Anti-Money Laundering Guidelines for Individuals

The Financial Services Commission of Mauritius has issued an updated Anti-Money Laundering and Countering the Financing of Terrorism Handbook to strengthen its efforts against money laundering and terrorist financing.

Enhanced Guidance for Financial Institutions

The revised handbook provides enhanced guidance on:

  • Business Risk Assessment: Building on the findings of the Risk-Based Supervision cycle 2020-21, the handbook offers improved guidance on identifying and mitigating risks associated with business operations.
  • Independent Audit: The document includes new provisions to ensure that financial institutions maintain a robust audit process to detect and prevent money laundering and terrorist financing activities.

Certification Provision

The revised handbook also introduces a new provision on certification, aligning with recent legislative changes to:

  • Financial Institutions (Anti-Money Laundering and Combating the Financing of Terrorism) Act 2005
  • Financial Intelligence and Anti-Money Laundering Regulations 2018

Purpose and Scope of the AML/CFT Handbook

The AML/CFT Handbook is designed to support financial institutions under the Commission’s purview in their fight against:

  • Money laundering
  • Terrorist financing
  • Proliferation of weapons of mass destruction

The handbook consolidates the Commission’s guidance on these issues, providing a comprehensive framework for financial institutions to follow.

Accessing the Revised Handbook

Individuals interested in accessing the revised AML/CFT Handbook can download it from the Financial Services Commission’s website.

Significance and Impact

This move is seen as a significant step forward in Mauritius’ efforts to combat financial crimes and maintain its reputation as a stable and secure financial hub. The revised handbook demonstrates the country’s commitment to strengthening its anti-money laundering and counter-terrorism financing regulations, ensuring a safe and trustworthy environment for businesses and individuals alike.