Financial Crime World

Here is the rewritten article in Markdown format:

Compliance with Anti-Terrorist Financing in Mauritius: A Strong Legal Framework to Fight Money Laundering and Terrorism Financing

Mauritius has been at the forefront of combating money laundering and terrorism financing, adhering to international initiatives and enacting various legislations to achieve this goal. The country’s legislative framework is robust, with laws such as:

  • Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA)
  • Prevention of Corruption Act 2002
  • Prevention of Terrorism Act 2002
  • AML-CFT Handbook

Convention for the Suppression of the Financing of Terrorism Act 2003

The Convention for the Suppression of the Financing of Terrorism Act 2003 provides for the International Convention for the Suppression of the Financing of Terrorism to have force of law in Mauritius. Additionally, the Financial Services Commission (FSC) issued a new code on the prevention of money laundering and terrorist financing in March 2012, which is applicable to all licensees.

Cooperation and Information Exchange

The FSC has the power to exchange information with:

  • Public sector agencies
  • International organisations
  • Foreign supervisory institutions or law enforcement agencies
  • Has signed several Memoranda of Understanding (MOUs) with regulatory bodies to facilitate mutual assistance and the exchange of information, including:
    • Consolidation of supervision of cross-border operations
    • Definition of mechanisms for sharing information in accordance with international standards
    • Reinforcement of collaboration among institutions in the fight against crime, money laundering, and terrorism financing

Memorandum of Understanding with Financial Intelligence Unit (FIU)

The FSC has also signed a Memorandum of Understanding with the FIU, outlining ways to cooperate in preventing money laundering and terrorist financing. The FSC forwards any information on suspicious transactions or potential money laundering offenses to the FIU.

International Cooperation

Mauritius has voluntarily requested Financial Sector Assessment Programme (FSAP) exercises by the International Monetary Fund-World Bank, with the aim of assessing the country’s financial sector’s strengths, weaknesses, and vulnerabilities to macroeconomic shocks. The AML/CFT framework was assessed against:

  • Forty Recommendations 2003
  • Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF)

The FSAP team recognized that significant progress has been made by Mauritian authorities in recent years to enhance the AML/CFT framework.

Continuous Review and Updates

The FSC constantly reviews its AML/CFT regulatory framework to meet new standards set out by international organisations such as:

  • International Organisation of Securities Commission (IOSCO)
  • International Association of Insurance Supervisors (IAIS)

The regulator also reviewed its Risk-Based Supervision Framework to ensure compliance with AML/CFT legislation.

Membership and Commitment

Mauritius is an active member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), an associate member of FATF, and is committed to implementing FATF recommendations regionally. The FSC also ensures proper dissemination of investor alerts and warnings from international bodies such as IOSCO and other regulatory bodies to relevant stakeholders.

I hope this helps! Let me know if you have any further requests.