Financial Crime World

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Financial Intelligence Units in Mauritius: A Key Player in Combating Money Laundering and Terrorist Financing

Mauritius, a small island nation off the coast of East Africa, has been at the forefront of combating money laundering and terrorist financing through its Financial Intelligence Unit (FIU). Established in August 2002, the FIU is the central agency responsible for requesting, receiving, analyzing, and disseminating financial information regarding suspected proceeds of crime and alleged money laundering offenses.

Role in Enforcing AML/CFT Regulations

The FIU plays a crucial role in enforcing anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. It is also the Enforcement Authority under the Asset Recovery Act and the AML/CFT regulator for various professions and industries, including:

  • Attorneys
  • Barristers
  • Notaries
  • Law firms
  • Dealers in jewelry, precious stones or precious metals
  • Real estate agents
  • Land promoters

Recent Initiatives

Recently, the FIU has been involved in several initiatives aimed at combating financial crimes. In July 2022, the Minister of Finance issued regulations under section 35(4) of the Financial Intelligence and Anti-Money Laundering Act, which further strengthened the country’s AML/CFT regime.

International Collaboration

In addition to its domestic efforts, the FIU has also collaborated with international organizations to combat financial crimes. For instance, in April 2024, the Egmont Group Information Exchange Working Group (EG IEWG) published a report on the abuse of non-profit organizations (NPOs) for terrorist financing activities, which supplements the work of the Financial Action Task Force (FATF).

Combating Illegal Wildlife Trade Financing

The FIU has also been at the forefront of combating illegal wildlife trade financing. In recent months, it has launched a survey to gather information on the illegal wildlife trade and its links to financial crimes.

Recognition for Efforts

In recognition of its efforts, the International Centre for Asset Recovery (ICAC) has written a letter of thanks to the FIU for its contributions to asset recovery investigations.

The FIU’s Work is Crucial

The FIU’s work is crucial in combating money laundering, terrorist financing, and proliferation financing. Its efforts have been recognized internationally, and it continues to play a key role in Mauritius’ fight against financial crimes.

Recent Updates

Some recent updates from the FIU include:

  • The publication of the Public Summary Report on Extreme Right-Wing Terrorism Financing Phase II by Egmont Group
  • A report on FIU’s role in the Fight Against The Abuse of NPOs for Terrorist Financing Activities by the Egmont Group
  • The launch of a survey to gather information on illegal wildlife trade financing

For More Information

For more information on the FIU and its work, please visit its website at [website URL].