Mauritius Launches Workshop on Beneficial Ownership Disclosure to Strengthen AML/CFT Efforts
Introduction
A high-level workshop on beneficial ownership disclosure was launched in Mauritius, aimed at strengthening the country’s efforts against money laundering and financing of terrorism.
Background
The event brings together experts from the European Union, representatives from the Financial Services Commission, and senior officials from various countries. Mauritius expresses gratitude to the European Union for its support in implementing the International Cooperation Review Group (ICRG) Action Plan and exiting the Financial Action Task Force (FATF) grey list. The country is confident that it will soon exit the list of high-risk third countries.
Workshop Objectives
The workshop is a key step towards improving Mauritius’ Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) systems, with a focus on beneficial ownership disclosure. This theme has been a priority for the FATF and supervisors worldwide, as it helps to prevent criminals from obscuring the ownership of tainted assets.
Supervisory Role
Supervisors play a crucial role in ensuring the adequacy of governance, controls, and processes in financial institutions under their purview. Education is also recognized as a key supervisory tool, transforming compliance cultures of regulated entities.
Workshop Outcomes
The workshop aims to bring added value to the work of supervisors in the area of beneficial ownership disclosure, with fruitful deliberations expected throughout the event. The Mauritian authorities are committed to strengthening their AML/CFT systems and appreciate the technical assistance provided by the EU Global Facility.
Key Takeaways
- Mauritius is committed to improving its AML/CFT systems
- Beneficial ownership disclosure is a priority for FATF and supervisors worldwide
- Supervisors play a crucial role in ensuring governance, controls, and processes in financial institutions
- Education is a key supervisory tool in transforming compliance cultures
- The workshop aims to bring added value to the work of supervisors in beneficial ownership disclosure