Financial Crime World

Mauritian Authorities Investigate Financial Sector, Expose International Corruption

Investigation Reveals Suspected Proceeds of Corruption

Port Louis, Mauritius - In a significant move to curb financial crimes, Mauritian authorities have been investigating the country’s financial sector, revealing that international politicians and entrepreneurs (PEPs) have abused the system to invest in highly-corrupt countries.

  • According to sources, the suspected proceeds of corruption have flowed through Mauritius’ financial sector, exposing the country’s vulnerability to money laundering and terrorist financing.
  • The authorities have detected several cases of suspicious transactions, including funds being transferred from Mauritius to overseas jurisdictions believed to be controlled by ISIS.

Channels Used for Transferring Funds

The investigation has identified channels used for transferring funds, including:

  • Banks
  • Money value transfer services (MVTS)
  • Physical transportation of cash or gold
  • Non-profit organizations (NPOs)

National Strategy to Combat Money Laundering and the Financing of Terrorism and Proliferation

In response to the findings, Mauritian authorities have developed a national strategy to combat money laundering and the financing of terrorism and proliferation. The strategy is based on:

  • The National Risk Assessment (2019)
  • The gaps identified in the AML/CTF Mutual Evaluation Report (2018) of Mauritius

The themes under the AML/CFT National Strategy include:

Strengthening Institutional Frameworks

Enhancing Customer Due Diligence and Ongoing Monitoring

Improving Reporting of Suspicious Transactions

Fostering International Cooperation

Terrorist Financing Risks in Mauritius

While there have been no reported terrorist attacks in Mauritius, the country is not immune to the threat posed by terrorism and violent extremism. The authorities have detected several cases of money being transferred abroad where terrorist financing was suspected.

  • The funds are believed to be sourced from legitimate sources, with involvement of family members and associates also suspected.
  • The end destination of the funds is believed to be ISIS-controlled territory in Syria.

Conclusion

Mauritian authorities are taking steps to combat money laundering and terrorist financing, exposing international corruption and strengthening the country’s financial sector. The national strategy aims to address financial crime and meet international obligations, ensuring Mauritius remains a stable and secure financial hub in the region.