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Money Laundering Techniques Exposed in Mauritius

Mauritius has made significant strides in strengthening its anti-money laundering (AML) and counter-terrorist financing measures, according to a follow-up report by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG). The report highlights the country’s efforts to address deficiencies identified in its 2018 mutual evaluation.

Progress Made

The report, released in September 2022, reveals that Mauritius has made progress in addressing deficiencies against Recommendation 15, which was previously rated as partially compliant. The country is now compliant on 26 of the 40 Recommendations and largely compliant on 14 of them. It remains non-compliant on one Recommendation and partially compliant on three.

Improvements to AML/CFT Framework

Mauritius has taken steps to improve its AML/CFT framework, including:

• Establishing a National Committee for AML/CFT
• Revising the Financial Intelligence Unit’s functions
• Formalizing and enhancing the compliance monitoring function and powers of financial sector regulators, such as the Bank of Mauritius and the Financial Services Commission

Areas for Improvement

The report highlights areas where Mauritius still needs to improve, including:

• Ability to identify and freeze terrorist assets
• Lack of a comprehensive risk-based approach to AML/CFT

Despite these challenges, the ESAAMLG has praised Mauritius for its efforts to strengthen its AML/CFT regime and has expressed confidence that the country will continue to make progress in addressing its deficiencies.

Ongoing Monitoring

The report is part of an ongoing process of mutual evaluation and follow-up reports, which aim to assess the effectiveness of AML/CFT systems in Eastern and Southern Africa. The ESAAMLG will continue to monitor Mauritius’ progress and provide guidance and support as needed.