Financial Crime World

Mauritius Strengthens Its Fight Against Terrorist Financing, Money Laundering, and Proliferation

Mauritius has taken significant steps to prevent the financing of terrorism, money laundering, and proliferation by strengthening its regulatory framework and enforcement mechanisms. The country’s commitment to combating these scourges is reflected in its ratification of international conventions, protocols, and treaties, as well as its adherence to global standards set by the Financial Action Task Force (FATF).

Enhanced Regulatory Framework

The Financial Services Commission (FSC), Bank of Mauritius (BOM), and other relevant authorities have intensified their efforts to combat money laundering and terrorist financing. The FSC has released an Anti-Money Laundering and Countering the Financing of Terrorism Handbook in January 2020, aimed at assisting financial institutions under its purview to comply with national measures.

Supervisory Activities

The commission’s supervisory activities have also become more stringent, with a focus on risk-based supervision. The FSC has conducted onsite inspections at licensed entities, resulting in breaches being referred for enforcement action. Offsite supervision continues to be an essential component of the FSC’s regulatory framework, ensuring compliance with applicable laws and regulations.

Information-Sharing Mechanisms

Mauritius has also strengthened its information-sharing mechanisms with public sector agencies, international organisations, foreign supervisory institutions, and law enforcement agencies through memoranda of understanding (MOUs). These agreements aim to:

  • Consolidate supervision of cross-border operations
  • Define mechanisms for sharing information in accordance with international standards
  • Reinforce collaboration amongst institutions in the fight against crime, money laundering, and terrorist financing

Global Recognition

Mauritius’s efforts have been recognized by the global community, as it continues to demonstrate its commitment to preventing the financing of terrorism, money laundering, and proliferation.

Note:

  • FSC Handbook: The Anti-Money Laundering and Countering the Financing of Terrorism Handbook was released by the Financial Services Commission in January 2020.