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Mauritius’ Financial Crime Enforcement Agencies Step Up Efforts Against Money Laundering and Terrorism Financing
The Financial Intelligence Unit (FIU) in Mauritius has been at the forefront of fighting financial crimes since its establishment under Section 9 of the Financial Intelligence and Anti-Money Laundering Act in August 2002. As the national central agency, the FIU is responsible for:
Key Responsibilities
- Collecting financial information regarding suspected proceeds of crime, money laundering offenses, and terrorist financing activities
- Analyzing and disseminating this information to relevant authorities
Recent Developments
In January 2016, the FIU was entrusted with the additional function of Asset Recovery following amendments to the Asset Recovery Act 2011. However, as of March 2024, this responsibility has been transferred to the Financial Crimes Commission as part of the proclamation of the Financial Crime Commission Act.
Regulatory Role
The FIU’s mandate also extends to regulating Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures for specific sectors, including:
High-Risk Sectors
- Legal professionals
- Real estate industry
- Jewelry industry
As such, the FIU plays a crucial role in ensuring that these high-risk areas are adequately protected against financial crimes.