Financial Crime World

Mauritius Cracks Down on Financial Sanctions and Embargoes to Combat Proliferation Financing

Protecting the Financial Services Sector

In a bid to protect its financial services sector from abuse by illicit actors, Mauritius has stepped up its efforts to implement targeted financial sanctions related to proliferation financing. As an international financial centre, the island nation is committed to ensuring that its financial institutions do not provide support to individuals or organizations subject to United Nations Security Council (UNSC) proliferation-related sanctions.

Legislative Framework

Mauritius has enacted the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019, which provides a legal framework for implementing UNSC resolutions under Chapter VII of the UN Charter. The legislation also requires the country to comply with Financial Action Task Force (FATF) standards regarding targeted financial sanctions.

National Sanctions Committee Guidelines

The National Sanctions Committee has approved guidelines on the implementation of targeted financial sanctions under the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019. The guidelines require reporting entities to submit reports in cases where they have a positive match with individuals or organizations subject to UNSC sanctions.

Reporting Templates

To facilitate compliance, two reporting templates have been made available for download:

  • Section 23(4) Reporting Template: for reporting under Section 23(4) of the Sanctions Act
  • Section 25(2) Reporting Template: for reporting on positive name matches under Section 25(2) of the same act

Vigilance and Compliance

The Mauritian government has emphasized the importance of vigilance in preventing proliferation financing. All natural and legal persons in Mauritius are urged to exercise caution and ensure that they do not inadvertently provide support to individuals or organizations subject to UNSC sanctions.

Commitment to Combating Proliferation Financing

By implementing targeted financial sanctions and embargoes, Mauritius is demonstrating its commitment to combating proliferation financing and upholding international security standards.