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Mauritius’ Money Laundering Techniques Under Scrutiny

A recent report has highlighted Mauritius’ efforts to combat money laundering, with the country’s rating reflecting its progress in implementing technical requirements.

Progress Made

According to the Financial Action Task Force (FATF), Mauritius has made significant strides in:

• Assessing risk and applying a risk-based approach
• National cooperation and coordination efforts

The report assesses the country’s compliance with 40 recommendations aimed at preventing money laundering and terrorist financing. Mauritius has shown progress in implementing measures to combat these crimes.

Challenges Remain

However, the island nation still faces challenges in:

• Implementing measures to confiscate and provisionally seize assets linked to money laundering and terrorist financing offenses
• Laws governing financial institution secrecy and customer due diligence practices

Additionally, there are concerns about the regulation and supervision of non-profit organizations and foreign branches and subsidiaries.

Recommendations for Improvement

The report recommends that Mauritius:

• Enhance its internal controls, particularly in relation to new technologies such as digital currencies
• Strengthen its powers of supervisors and law enforcement agencies
• Improve its regulation and supervision of non-profit organizations and foreign branches and subsidiaries

Conclusion

While Mauritius has made significant progress in implementing measures to combat money laundering and terrorist financing, there are still areas where improvement is needed. The country must continue to work towards full compliance with FATF recommendations to ensure the integrity of its financial system.

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