Mauritius Takes a Strong Stand Against Financial Crime with its Financial Intelligence Units

Establishment of the Financial Intelligence Unit (FIU)

In August 2002, Mauritius established a robust Financial Intelligence Unit (FIU) under the Financial Intelligence and Anti Money Laundering Act. As the central agency for requesting, receiving, analyzing, and disseminating financial information related to suspected proceeds of crime and alleged money laundering offenses, the FIU plays a crucial role in combating terrorism financing.

International Cooperation

The FIU has been an active member of the Egmont Group of Financial Intelligence Units since 2003. This cooperation has led to the signing of numerous Memoranda of Understanding (MoUs) to facilitate information exchange between countries.

Additional Functions and Responsibilities

In January 2016, the FIU was assigned additional functions under the Asset Recovery Act. As the Enforcement Authority, it now oversees asset recovery investigations through its newly established division, the Asset Recovery Investigations Division (ARID). This move reflects the country’s commitment to tackling financial crime and recovering stolen assets.

Regulatory Role

The FIU has also taken on a regulatory role, overseeing anti-money laundering and combating the financing of terrorism (AML/CFT) for the real estate and jewelry sectors since 2019. Additionally, it is now responsible for supervising the three branches of the legal profession in the same capacity.

Vision and Mission

At its core, the FIU’s vision is to protect Mauritius’ financial system integrity and safeguard its citizens from the dangers of money laundering and terrorist financing. Its mission is to become a leading force in financial intelligence works regionally and globally, adhering to international standards.

Conclusion

With these ambitious goals in mind, the Financial Intelligence Unit is poised to make a significant impact in the fight against financial crime, ensuring a safer and more transparent economic environment for all stakeholders.