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Mauritius Introduces Financial Sanctions and Embargo System to Combat Global Threats

In a bid to combat global threats such as terrorism, weapons proliferation, and money laundering, Mauritius has introduced a system of targeted financial sanctions and embargoes. The United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019 enables the government to implement measures imposed by the UN Security Council under Chapter VII of the Charter.

The National Sanctions Secretariat

The National Sanctions Secretariat, established under the Act, has issued guidelines and templates for financial institutions to comply with the new regulations. The guidelines outline the obligations of reporting persons, including banks and other financial institutions licensed by the Bank of Mauritius, in implementing targeted financial sanctions.

Obligations of Financial Institutions

• Regularly consult the UN Security Council Consolidated List of parties subject to sanctions
• Take immediate action on any changes made thereto
• Report any suspicious transactions or information relating to listed parties to the Financial Intelligence Unit (FIU)
• Prohibit dealing with funds or assets of listed parties
• Report customer matches and identified funds or assets

Consequences of Non-Compliance

Failure to comply with the Act is an offence, and the Bank of Mauritius is responsible for supervising and enforcing compliance by its licensees. The National Sanctions Secretariat has made available guidelines and templates on its website to assist financial institutions in implementing the new regulations.

Objectives

The introduction of this system aims to enhance Mauritius’ efforts in combating global threats and maintaining international peace and security.