Mauritius Implements United Nations Targeted Financial Sanctions Against Designated Parties
Combating Proliferation Financing and Arms Embargo
Port Louis, Mauritius - The Government of Mauritius has issued new guidelines outlining the implementation of targeted financial sanctions under the United Nations (UN) resolutions 1718 and 2231. These measures aim to combat proliferation financing and arms embargo, as well as prevent the transfer of funds and other assets to designated parties.
Implementation Guidelines
The guidelines, published by the National Sanctions Secretariat (NSSec), require all reporting persons to implement internal controls and procedures to effectively comply with their obligations under the UN sanctions regime. This includes:
- Conducting regular screening of clients and transactions against UN sanctions lists
- Monitoring and immediately implementing any changes to UN sanctions lists
Responsibilities of the NSSec
The NSSec is responsible for disseminating public notices of any changes to UN sanctions lists, including new designations, changes to existing designations, and removals from the list. These updates are posted on the NSSec’s website, and reporting persons are required to monitor and immediately implement any changes.
Measures for Reporting Persons
The guidelines also outline the measures that reporting persons must take when dealing with clients or transactions involving designated parties:
- Verifying whether the details of a listed party match with the particulars of any customer
- Identifying and freezing the funds and other assets involved
Sectors Required to Implement Measures
The NSSec has identified specific sectors that are required to implement these measures, including:
- Financial institutions
- Insurance companies
- Securities dealers
- Trust companies
- Real estate agents
- Land promoters
- Property developers
- Jewellers and precious stone dealers
Effective Date and Compliance Requirements
The guidelines come into effect immediately, and reporting persons are expected to comply with the requirements within a specified timeframe.
Statement from the NSSec
In a statement, the NSSec emphasized that the implementation of UN targeted financial sanctions is crucial in preventing the proliferation of weapons of mass destruction and other destabilizing activities. The agency urged all stakeholders to cooperate fully in implementing these measures.
Accessing the Guidelines
The guidelines can be accessed on the NSSec’s website, along with additional information on UN sanctions lists and reporting requirements.