Financial Crime World

Mauritius Tightens Grip on Money Laundering and Terrorism Financing

Mauritius has strengthened its legislative framework to combat money laundering and terrorism financing, aligning itself with international initiatives.

Legislative Framework

To tackle the issues of money laundering and terrorism financing, Mauritius has enacted several key legislations:

  • The Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA)
  • The Prevention of Corruption Act 2002
  • The Prevention of Terrorism Act 2002

These laws provide a robust framework for detecting and preventing financial crimes.

Strengthened Financial Sector

The country’s financial sector has been bolstered by the:

  • Convention for the Suppression of the Financing of Terrorism Act 2003, which makes the International Convention for the Suppression of the Financing of Terrorism applicable in Mauritius
  • New code on the prevention of money laundering and terrorist financing issued by the Financial Services Commission (FSC) in March 2012

Data Sharing and Cooperation

To facilitate effective exchange of information:

  • The FSC can share data with public sector agencies, international organisations, foreign supervisory institutions, or law enforcement agencies
  • The commission has signed memoranda of understanding (MOUs) with regulatory bodies to address mutual assistance and information sharing
  • One such MOU was signed with the Financial Intelligence Unit (FIU), outlining cooperation in preventing money laundering and terrorism financing

International Cooperation

Mauritius has:

  • Implemented measures to facilitate cooperation between authorities, including requests for assistance in judicial proceedings carried out in other jurisdictions
  • Voluntarily requested Financial Sector Assessment Programme (FSAP) exercises by the International Monetary Fund-World Bank in 2003 and 2007
  • Continued to review its regulatory framework to meet new international standards set by organisations such as the International Organisation of Securities Commission (IOSCO) and the International Association of Insurance Supervisors (IAIS)

Membership and Commitment

Mauritius is:

  • An active member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
  • An associate member of the Financial Action Task Force (FATF)
  • Committed to implementing FATF recommendations regionally

Investor Protection

To protect investors, the FSC ensures that investor alerts and warnings from international bodies are properly disseminated to relevant stakeholders. These alerts typically refer to entities that are not authorised to provide investment services in their jurisdiction of origin.

International Recognition

Mauritius’ efforts to combat money laundering and terrorism financing have been widely praised by international organisations, underscoring its commitment to maintaining a robust financial sector.