Financial Crime World

Mauritius Launches Comprehensive Plan to Combat Money Laundering and Terrorist Financing

The Mauritian government has unveiled a comprehensive strategy to combat money laundering (ML) and terrorist financing (TF), aimed at strengthening the country’s financial system and protecting it from illegal activities.

Strengthening the AML/CFT Framework

The National Strategy for Countering the Financing of Terrorism and Money Laundering outlines seven strategic objectives aimed at improving the country’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework, enhancing national coordination and cooperation, and boosting international collaboration to combat ML/TF threats.

Key Objectives

  • Strengthening the AML/CFT legal and regulatory framework
  • Enhancing national coordination and cooperation efforts among law enforcement agencies, financial intelligence units, and other stakeholders
  • Implementing an effective AML/CFT data collection system
  • Consolidating capacity building, training, and awareness raising programs for law enforcement agencies, financial institutions, and other stakeholders
  • Enhancing regional and international cooperation efforts with foreign counterparts

Implementation Timeline

The implementation of the strategy is expected to be completed by 2022, with bi-annual progress reports submitted to the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Secretariat. The high-level implementation timeline includes:

  • 2019: Strengthening the AML/CFT legal framework
  • 2020: Implementing a comprehensive risk-based supervisory framework and enhancing national coordination and cooperation efforts
  • 2021: Consolidating capacity building, training, and awareness raising programs
  • 2022: Implementing an effective AML/CFT data collection system and enhancing regional and international cooperation

Conclusion

The Mauritian government’s commitment to combating ML/TF demonstrates its determination to protect the country’s financial system and reputation, as well as its willingness to cooperate with international partners in this effort.