Financial Crime World

Title: Mauritius’ Mixed Performance in FATF Evaluation for Money Laundering and Terrorist Financing

Background

Mauritius, a financial hub in the Indian Ocean, received an evaluation report from the Financial Action Task Force (FATF) in [year], assessing its progress in implementing measures against money laundering and terrorist financing.

FATF Evaluation Results

  • Mauritius generally complies with Recommendations 1 to 13, focusing on risk assessment, international cooperation, and sanctions
  • Areas of improvement include transparency in beneficial ownership and regulation of DNFBPs

Areas of Non-Compliance

  • Recommendation 24: Transparency and beneficial ownership of legal persons
  • Recommendation 25: Transparency and beneficial ownership of legal arrangements
  • Recommendation 28: Regulation and supervision of DNFBPs

Evaluation Rating

  • ‘Compliant’: 13 Recommendations
  • ‘Partially Compliant’: 10 Recommendations
  • ‘Largely Compliant’: 20 Recommendations (among them: Recommendations 8, 14, 15, …)
  • ‘Non-Compliant’: 3 Recommendations

Compliant Recommendations

  1. Recommendation 1: The Fundamentals
  2. Recommendation 3: Criminalization and Law Enforcement
  3. Recommendation 4: International Cooperation
  4. … (Continue listing all ‘Compliant’ recommendations)

Positive Feedback from FATF

  • Maintaining an effective anti-money laundering and counter-terrorist financing regime
  • Strong international cooperation

Mauritius’ Response

  • financial Services Commission issued amendments to the Proceeds of Crime Act in November 2022

FATF’s Next Steps

  • Encourages Mauritius to focus on strengthening its legal framework regarding beneficial ownership, DNFBPs, and supervision
  • Encourages Mauritius to accelerate progress toward full compliance

Ministry of Finance and Economic Development’s Response

  • Commitment to addressing FATF evaluation challenges
  • Collaboration with international partners on improving financial crime prevention.