EU-Funded Global AML/CFT Facility Supports Mauritius in Combating Money Laundering and Terrorist Financing
Mauritius has taken a significant step towards strengthening its efforts to combat money laundering (ML) and terrorist financing (TF) with the launch of its National Strategy for Combating Money Laundering and the Financing of Terrorism and Proliferation 2019-2022.
National Strategy for Combating Money Laundering
The strategy, developed in collaboration with the EU-funded Global AML/CFT Facility, aims to enhance Mauritius’ ability to prevent, detect, and deter ML/TF threats over the next three years. The strategy is based on the findings of the National Risk Assessment (NRA) and the gaps identified in the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Mutual Evaluation Report (MER) published in September 2018.
Key Objectives
The strategy comprises eight core themes, each with specific objectives aimed at:
- Strengthening Mauritius’ AML/CFT framework
- Enhancing national coordination and cooperation
- Building capacity
- Promoting transparency
- Improving data collection systems
EU-Funded Global AML/CFT Facility’s Support
The EU-funded Global AML/CFT Facility played a crucial role in:
- Developing the methodology for assessing the risk of terrorist financing abuse by Non-Profit Organisations (NPOs) in Mauritius, which was assessed as Low-Medium
- Providing technical support to Mauritius’ financial sector stakeholders and national competent authorities
Commitment to Implementation
“We are committed to implementing this strategy and ensuring that our financial system remains robust and secure,” said [Name], Mauritian Financial Regulator. “The EU-funded Global AML/CFT Facility has been instrumental in supporting us in this endeavour, and we appreciate their expertise and guidance.”
Alignment with International Standards
Mauritius’ National Strategy for Combating Money Laundering and the Financing of Terrorism and Proliferation 2019-2022 is aligned with international standards set by:
- The Financial Action Task Force (FATF)
- The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
About the EU-Funded Global AML/CFT Facility
The EU-funded Global AML/CFT Facility is an initiative aimed at strengthening the capacity of developing countries to combat money laundering (ML) and terrorist financing (TF). The facility provides technical assistance, training, and capacity-building programs to help countries implement effective anti-money laundering and combating the financing of terrorism (AML/CFT) systems.