Financial Crime World

FINCEN Guidelines in Mauritius: A Commitment to Combat Financial Crime

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The Mauritius Bankers Association Limited (MBA) has taken note of recent media releases regarding the FinCEN Files, and wishes to provide clarification on the country’s stance on Suspicious Transactions Reports (STRs). Banks in Mauritius are legally bound to monitor transactions and report suspicious activities to the authorities on a confidential basis.

International Cooperation Against Financial Crime

The international system for combating financial crime relies heavily on banks to identify and report potential illegal activity. In compliance with global standards, Mauritius banks regularly submit STRs to the regulatory bodies, demonstrating their commitment to tackling financial crime.

  • Regular submission of Suspicious Transactions Reports (STRs) to regulatory bodies
  • Close collaboration between banks and regulatory authorities in Mauritius

Progress Made in Combating Financial Crime

The close collaboration between banks and regulatory authorities in Mauritius has been instrumental in the fight against financial crime. The country’s banking sector has made significant progress in this regard, and continues to work closely with regulatory bodies to ensure that all necessary measures are taken to prevent and detect illicit activities.

Transparency and Compliance

In line with international best practices, Mauritius banks cannot comment on individual transactions or STRs filed by them. However, the MBA reiterates its commitment to upholding high standards of transparency and compliance in the financial sector, and will continue to work closely with regulatory bodies to maintain a robust framework for combating financial crime.

International Cooperation and Collaboration

The FinCEN Files have highlighted the importance of international cooperation in the fight against financial crime. Mauritius banks are committed to playing their part in this global effort, and will continue to work together with regulators, law enforcement agencies, and other stakeholders to combat illicit activities and protect the integrity of the financial system.

By working together, Mauritius banks aim to maintain a robust framework for combating financial crime, upholding high standards of transparency and compliance, and protecting the integrity of the financial system.