Mauritius Removed from FATF Grey List: AML/CFT Reforms Pay Off
October 26, 2021
Mauritius Dropped from FATF’s List of Jurisdictions Under Increased Monitoring
- The Financial Action Task Force (FATF) made the announcement October 21, 2021
- Mauritius recognized for addressing AML/CFT shortcomings
- Substantial progress leads to removal from grey list
FATF Commends Mauritian Authorities for Robust Reforms
The Mauritian government and related authorities have successfully addressed AML/CFT deficiencies, enabling their removal from the FATF grey list.
“We are delighted with this outcome,” Mauritian officials shared, expressing expectation of reinforcing the country’s status as a prominent African financial hub.
FATF Inspections and Evaluations
- June announcement of substantial completion of action plan
- September on-site visit to assess implementation effectiveness
- Positive evaluation: 39 compliant-to-largely compliant indicators
Remaining Steps: Focus on Handling Virtual Assets
Mauritius remains partially compliant on a single recommendation regarding virtual assets. Local authorities are actively addressing this discrepancy, moving toward full compliance.
Ocorian Mauritius: Capitalizing on International Confidence
Robert Hovenier, Managing Director and Country Head of Ocorian Mauritius, shared his insight:
“I commend the Mauritian government and industry players for their unwavering commitment to executing the FATF action plan.”;
Ocorian Mauritius: Paving the Way for Mauritius IFC
Ocorian Mauritius, alongside other industry participants and regulatory bodies, has been vital in driving Mauritius forward as a regional financial powerhouse.
EU Delisting: Significant Socio-Economic Benefits
The European Union (EU) is anticipated to remove Mauritius from its list of countries with AML/CFT deficiencies, leading to:
- Strengthened EU investors’ trust in Mauritius as a jurisdiction
- Renewed confidence: boost for corporate and fund structures
- Potential socio-economic benefits: regional growth and development