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Mauritius Exits FATF Grey List Ahead of Schedule, Demonstrates Commitment to Combating Money Laundering and Terrorism Financing

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Mauritius has made a significant milestone by being assessed as “Compliant” or “Largely Compliant” with all 40 Financial Action Task Force (FATF) Recommendations. This solidifies its position as a jurisdiction of substance with a robust regulatory framework.

Strong Commitment to Combating Money Laundering and Terrorism Financing

Mauritius was placed on the FATF Grey List in February 2020, following which the Government made a high-level political commitment to work with the FATF to strengthen its Anti-Money Laundering/Combating the Financing of Terrorism and Proliferation (AML/CFT/CPF) regime and prioritize the implementation of the FATF Action Plan. The country received technical assistance and support from international organizations and development partners.

Progress Through Enhanced Follow-Up Reports

Through several ESAAMLG Task Force Meetings, Mauritius has consistently demonstrated its progress and reaffirmed its commitments to fight against illicit financial flows. According to a table illustrating the country’s progress through different Enhanced Follow-Up Reports (FUR), Mauritius has made significant strides in implementing FATF recommendations.

Successful Exit from the FATF Grey List

Mauritius successfully exited the FATF Grey List in October 2021, ahead of schedule, showcasing its unwavering political determination to sustain AML/CFT reforms. This achievement was followed by removal from the United Kingdom’s and European Union’s List of High-Risk Third Countries in November 2021 and March 2022, respectively.

Ongoing Efforts

Despite exiting the FATF Grey List, Mauritius continues to maintain momentum in the fight against money laundering, terrorism financing, and proliferation financing. The country has carried out risk assessment exercises in relation to virtual assets and service providers, leading to the enactment of comprehensive legislation on virtual assets and initial token offerings.

Future Plans

To sustain compliance, Mauritius is currently carrying out its second National Risk Assessment, including sectoral risk assessments, to identify ML/TF risks associated with its ecosystem. An AML/CFT (Miscellaneous Provisions) Bill will soon be introduced into the National Assembly to address gaps identified during the assessment.

Capacity Building and Regional Cooperation

Mauritius remains committed to consolidating capacity building, training, and awareness-raising programs through collaborations with development partners and international institutions. The country is also focused on enhancing regional and international cooperation, sharing its experience gained and lessons learned in tackling illicit financial flows.