Mauritius Reinforces Commitment to AML/CFT Standards, Emerges as Jurisdiction of Substance
Mauritius has demonstrated unwavering commitment to combating money laundering, terrorism financing, and proliferation financing (AML/CFT/CPF), earning it a “Compliant” or “Largely Compliant” rating with all 40 Financial Action Task Force (FATF) Recommendations. This achievement solidifies Mauritius’ reputation as a jurisdiction of substance, boasting a robust regulatory framework that adheres to international best practices.
The Journey to AML/CFT Compliance
Mauritius’ journey towards AML/CFT compliance began in February 2020 when it was placed on the FATF Grey List. In response, the Government of Mauritius made a high-level political commitment to strengthen its AML/CFT regime and work closely with the FATF to implement its Action Plan. International organisations and development partners provided technical assistance and support throughout the process.
Progress towards Compliance
Mauritius has consistently demonstrated progress in its AML/CFT efforts through Enhanced Follow-Up Reports (FURs) since 2018. The table below illustrates the country’s improvement over time:
| Report | Year | Status |
|---|---|---|
| 1st FUR | 2018 | Partially Compliant |
| 2nd FUR | 2020 | Partially Compliant |
| 3rd FUR | 2021 | Largely Compliant |
| 4th FUR | 2022 | Largely Compliant |
| 5th FUR | 2022 | Largely Compliant (14/40) and Partially Compliant (26/40) |
Removing Mauritius from the Grey List
In October 2021, Mauritius successfully exited the FATF Grey List, ahead of schedule, demonstrating its political determination to sustain AML/CFT reforms. This achievement was followed by removal from the United Kingdom’s and European Union’s lists of high-risk third countries in November 2021 and March 2022, respectively.
Ongoing Initiatives
Despite exiting the grey list, Mauritius remains committed to upholding global standards. The country has conducted a risk assessment exercise on virtual assets and virtual asset service providers, leading to the enactment of comprehensive legislation on virtual assets and initial token offerings.
- Ongoing initiatives aimed at sustaining compliance include:
- Conducting its second National Risk Assessment
- Sectoral risk assessments
- An AML/CFT (Miscellaneous Provisions) Bill to address gaps identified during the assessment
- Capacity building, training, and awareness-raising programs through collaborations with international institutions
Regional and International Cooperation
The country continues to prioritize regional and international cooperation, sharing its experience in tackling illicit financial flows with other nations.