Mauritius’ Financial Intelligence Unit: A Key Player in Combating Money Laundering and Terrorism Financing
Introduction
In August 2002, Mauritius established its Financial Intelligence Unit (FIU) under the Financial Intelligence and Anti-Money Launderling Act to combat money laundering, terrorism financing, and other financial crimes. As a central agency for request, receipt, analysis, and dissemination of financial information, the FIU plays a crucial role in sharing intelligence with relevant authorities to prevent and detect criminal activities.
International Cooperation
The FIU’s membership in the Egmont Group of Financial Intelligence Units since 2003 has facilitated cooperation with other international members and counterparts. This collaboration has resulted in numerous Memoranda of Understanding being signed to facilitate the exchange of information, thereby enhancing the effectiveness of anti-money laundering efforts.
Asset Recovery Functions
In January 2016, following amendments to the Asset Recovery Act 2011, the FIU was assigned the functions of Asset Recovery. As the Enforcement Authority under this legislation, the FIU now oversees the Asset Recovery Investigations Division (ARID), which conducts investigations and reports directly to the Director.
Regulatory Functions
Beyond its core functions, the FIU also serves as the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regulator for the real estate and jewelry sectors. Since May 2019, it has been responsible for supervising the AML/CFT compliance of the three branches of the legal profession.
Vision and Mission
According to its vision statement, the FIU aims to protect the integrity of Mauritius’ financial system and contribute to the safety of its citizens through deterrence of money laundering and terrorist financing. Its mission is to be recognized worldwide as a leader in financial intelligence works, adhering to international standards.
Key Facts
- Established in August 2002 under the Financial Intelligence and Anti-Money Launderling Act
- Member of the Egmont Group of Financial Intelligence Units since 2003
- Assigned asset recovery functions in January 2016
- Regulator for AML/CFT compliance in real estate, jewelry, and legal professions sectors
- Vision: to protect the integrity of Mauritius’ financial system and contribute to the safety of its citizens
- Mission: to be recognized worldwide as a leader in financial intelligence works, adhering to international standards