Financial Crime World

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Mauritius Steps Up Efforts to Combat Money Laundering and Terror Financing

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In a bid to combat money laundering, terrorist financing, and proliferation of weapons of mass destruction, Mauritius has taken significant strides over the years. The island nation has enacted key legislation, established crucial institutions, undergone assessments of its anti-money laundering and counter-terrorist financing system, and more.

Compliance with International Standards

Mauritius is committed to adhering to international standards set by:

  • Financial Action Task Force (FATF) 40 Recommendations: Mauritius has implemented the FATF’s recommendations to prevent and combat money laundering and terrorist financing.
  • Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Mutual Evaluation Process: The country has undergone assessments of its AML/CFT system, ensuring it meets international standards.

Ratification of International Conventions

Mauritius has ratified and acceded to several anti-money laundering and counter-terrorist financing conventions, including:

  • United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances: Mauritius is committed to preventing the illicit trafficking of narcotics and psychotropic substances.
  • Palermo Convention: The country has ratified the Palermo Convention to combat transnational organized crime.
  • UN Convention against Corruption: Mauritius is dedicated to preventing and combating corruption in all its forms.
  • International Convention for the Suppression of the Financing of Terrorism: The country has signed this convention to prevent the financing of terrorist activities.

In recent years, Mauritius has strengthened its AML/CFT legal framework by enacting several important pieces of legislation, including:

  • Financial Intelligence and Anti-Money Laundering Act 2002: This act provides the foundation for Mauritius’ AML/CFT system.
  • Financial Intelligence and Anti-Money Laundering Regulations 2018: These regulations provide further guidance on AML/CFT compliance.
  • Asset Recovery Act 2011: This act enables the recovery of proceeds from unlawful activities.
  • United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019: The country has implemented this act to enforce UN sanctions.