Financial Crime World

Mauritius Unveils Ambitious Plan to Combat Money Laundering and Terrorist Financing

Strengthening Financial Investigations and International Cooperation

The government of Mauritius has launched a comprehensive national strategy aimed at enhancing financial investigations, improving transparency, and increasing international cooperation to combat money laundering and terrorist financing. The strategy is designed to strengthen the country’s fight against these threats and protect the integrity of its financial sector.

Establishing Specialized Investigative Units

Specialized investigative units will be established to focus on financial investigations, staffed by professionals with expertise in financial analysis, forensic accounting, and law enforcement. These units will work closely with the Financial Intelligence Unit (FIU) to identify and disrupt money laundering and terrorist financing schemes.

The strategy emphasizes the importance of strengthening the legal and regulatory framework for financial institutions and designated non-financial businesses and professions (DNFBPs). This includes implementing a risk-based supervisory framework, enhancing transparency of legal persons and arrangements, and consolidating capacity building, training, and awareness raising programs.

Key Measures to Achieve Objectives

  • Improve detection and disruption of money laundering and terrorist financing threats
  • Enhance national coordination and cooperation efforts between law enforcement agencies, the FIU, and other relevant stakeholders
  • Consolidate capacity building, training, and awareness raising programs for financial institutions and DNFBPs
  • Implement an effective anti-money laundering and combating the financing of terrorism (AML/CFT) data collection system
  • Enhance regional and international cooperation through bilateral and multilateral agreements

Collaboration with ESAAMLG Secretariat

The strategy is being implemented in collaboration with the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Secretariat, which will provide technical assistance and guidance to support Mauritius’ efforts.

Minister’s Statement

“We are committed to ensuring that our financial system is robust and resilient, and that we do everything in our power to prevent money laundering and terrorist financing. This national strategy marks an important step forward in our efforts to combat these threats and protect the integrity of our financial sector.” - Minister of Finance, Economic Planning and Development

Implementation Timeline

  • 2019: Strengthening AML/CFT legal and regulatory framework, implementing comprehensive risk-based supervisory framework (FIs and DNFBPs), and enhancing national coordination and cooperation efforts
  • 2020: Enhancing transparency of legal persons and arrangements, consolidating capacity building, training, and awareness raising programs for financial institutions and DNFBPs, and implementing effective AML/CFT data collection system
  • 2021: Enhancing regional and international cooperation through bilateral and multilateral agreements
  • 2022: Completing implementation of all strategic objectives

Bi-Annual Progress Reports

Mauritius is expected to submit bi-annual progress reports on the implementation of its national strategy and national action plan to the ESAAMLG Secretariat.