Mauritius Turns Up Heat on Money Laundering with New Guidelines

The Financial Services Commission (FSC) in Mauritius has released an updated Anti-Money Laundering and Countering the Financing of Terrorism Handbook, aimed at equipping financial institutions with the necessary tools to comply with national measures and regulations.

A Comprehensive Guide to Combat Money Laundering

The handbook consolidates the FSC’s guidance on anti-money laundering, terrorist financing, and proliferation of weapons of mass destruction. The latest iteration, published in September 2022, includes significant updates since its initial release. These changes were made during the Risk-Based Supervision cycle 2020-21, incorporating fresh insights on business risk assessment and independent audit.

Key Updates to the Handbook

• A new provision on certification ensures alignment with recent legislative changes to the FIAMLA and FIAML Regulations 2018.
• The updated guidelines are expected to further enhance Mauritius’ efforts in combating money laundering and related financial crimes.

Accessing the Handbook

The AML/CFT Handbook is now available for download, providing a valuable resource for financial institutions seeking to stay abreast of best practices and regulatory requirements. This comprehensive guide aims to equip financial institutions with the necessary tools to effectively combat money laundering and terrorist financing.

Mauritius’ Commitment to Anti-Money Laundering Efforts

The Mauritian government’s commitment to developing effective anti-money laundering measures serves as a beacon of transparency and accountability in the region, as the global fight against financial crime intensifies.