Financial Crime World

Mauritius Strengthens Anti-Money Laundering Regulations

In a bid to combat money laundering and the financing of terrorism and proliferation, Mauritius has enacted several pieces of legislation aimed at strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) framework. The country’s AML/CFT legal framework is aligned with the Financial Action Task Force (FATF) standards.

Enhanced Preventive Measures

The legislative efforts have enhanced preventive measures that apply to reporting persons, including financial institutions and designated non-financial businesses and professions. Additionally, the National Risk Assessment exercise has been supported, and powers have been given to regulatory bodies to supervise and enforce compliance by reporting persons.

Key Legislation

Several key pieces of legislation have been enacted to combat money laundering and terrorist financing in Mauritius:

  • The Financial Intelligence and Anti-Money Laundering Act 2002: This act provides the framework for the country’s AML/CFT regime.
  • The Financial Intelligence and Anti-Money Laundering Regulations 2018: These regulations set out the requirements for reporting persons to report suspicious transactions.
  • The Financial Intelligence and Anti-Money Laundering (Registration of Reporting Person) Regulations 2019: This regulation sets out the process for registering reporting persons.
  • The Financial Intelligence and Anti-Money Laundering Act (Amendment of Schedule) Regulations 2022: These regulations amend the schedule to the act, updating the list of reporting persons.

Other key legislation includes:

Asset Recovery

  • The Asset Recovery Act 2011: This act provides for the recovery of assets that have been laundered or are the proceeds of crime.
  • The United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019: This act imposes sanctions on individuals and entities involved in terrorist activities.

Prevention of Terrorism

  • The Prevention of Terrorism Act 2002: This act provides for the prevention of terrorism and the investigation of terrorist offenses.
  • The Convention for the Suppression of the Financing of Terrorism Act 2003: This act implements the international convention on the suppression of the financing of terrorism.

Corruption and Good Governance

  • The Prevention of Corruption Act 2002: This act provides for the prevention of corruption and the investigation of corrupt offenses.
  • The Mutual Assistance in Criminal and Related Matters Act 2003: This act allows for mutual assistance between Mauritius and other countries in criminal matters.
  • The Good Governance and Integrity Reporting Act 2015: This act requires public officials to report any conflicts of interest or potential breaches of integrity.

AML/CFT Framework

  • The AML/CFT/PF (Miscellaneous Provisions) Act 2019: This act makes miscellaneous amendments to the AML/CFT framework.
  • The AML/CFT (Miscellaneous Provisions) Act 2020: This act makes further miscellaneous amendments to the AML/CFT framework.
  • The Financial Crimes Commission Act 2023: This act establishes a financial crimes commission to investigate and prosecute financial crimes.

These pieces of legislation have been enacted to enhance the country’s ability to combat money laundering and terrorist financing, and to ensure compliance with international standards.