Financial Crime World

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Mauritius Takes Steps to Combat Terrorist Financing and Money Laundering

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Port Louis, Mauritius - The Financial Action Task Force (FATF) has praised Mauritius for its efforts to combat terrorist financing and money laundering. In a recent report, the FATF noted that the island nation has made significant progress in implementing measures to prevent the misuse of its non-profit organizations (NPOs), designated non-financial businesses and professions (DNFBPs), and other sectors.

Mauritius has strengthened its legal and regulatory framework to combat money laundering and terrorist financing. The country has implemented a comprehensive risk-based supervision framework for financial institutions, NPOs, and DNFBPs.

National Risk Assessment (NRA)

The NRA is a comprehensive assessment of the risks posed by various sectors, including NPOs, DNFBPs, and real estate transactions. The report highlights that Mauritius has identified key areas for improvement, including the need for more effective supervision and monitoring of NPOs and DNFBPs.

National AML/CFT Strategy

To address these gaps, Mauritius has developed a National AML/CFT Strategy, which outlines eight core themes aimed at strengthening the country’s anti-money laundering and combating the financing of terrorism (AML/CFT) framework. The strategy includes measures to strengthen the legal and regulatory framework, implement a comprehensive risk-based supervision framework, and enhance national coordination and cooperation.

Key Areas for Improvement

Mauritius has identified key areas for improvement, including:

  • More effective supervision and monitoring of NPOs and DNFBPs

Transparency in Ownership

The FATF report also praised Mauritius for its efforts to improve transparency in the ownership of legal persons and arrangements. The country has implemented measures to ensure that information on beneficial ownership is available to competent authorities without impediments.

Regional and International Cooperation

Mauritius has committed to enhancing regional and international cooperation to combat money laundering and terrorist financing. The country is a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), which comprises 18 countries in the eastern and southern African region.

Conclusion

In conclusion, Mauritius’ efforts to combat terrorist financing and money laundering have been recognized by the FATF as significant progress. The country’s commitment to implementing effective measures to prevent the misuse of its NPOs, DNFBPs, and other sectors is a positive step towards maintaining a strong AML/CFT framework.

Key Highlights:

  • Mauritius has strengthened its legal and regulatory framework to combat money laundering and terrorist financing.
  • The country has implemented a comprehensive risk-based supervision framework for financial institutions, NPOs, and DNFBPs.
  • Mauritius has identified key areas for improvement, including the need for more effective supervision and monitoring of NPOs and DNFBPs.
  • The country has developed a National AML/CFT Strategy with eight core themes aimed at strengthening its anti-money laundering and combating the financing of terrorism framework.
  • Mauritius is committed to enhancing regional and international cooperation to combat money laundering and terrorist financing.