Financial Crime World

Mauritius Committed to Compliance with International Sanctions

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As an international financial centre, Mauritius has reiterated its commitment to protecting its financial services sector from abuse by illicit actors engaging in proliferation financing and other proliferation efforts. The country is keenly aware of the risks associated with non-compliance and is taking concrete steps to ensure that all natural and legal persons operating within its jurisdiction are vigilant in their dealings.

Implementation of Targeted Financial Sanctions

Mauritius has implemented targeted financial sanctions related to proliferation financing under the recommendations of the Financial Action Task Force (FATF). This requires the country to:

  • Freeze, without delay, the funds or other assets of individuals or entities designated by the United Nations Security Council (UNSC)
  • Ensure that no funds or other assets are made available to, or for the benefit of, such persons or entities

Legislative Framework

In May 2019, Mauritius enacted the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act, which provides a legal framework for implementing UNSC sanctions under Chapter VII of the UN Charter. The legislation also implements the requirements of the FATF regarding targeted financial sanctions under Recommendation 7.

National Sanctions Committee Guidelines

The National Sanctions Committee has approved guidelines on the implementation of targeted financial sanctions (TFS) under the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019. These guidelines provide a framework for reporting on TFS and can be downloaded from the relevant website.

Reporting Templates

In addition to the guidelines, two reporting templates have been made available:

  • One for reporting under Section 23(4) of the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019
  • Another for reporting on positive name matches under Section 25(2) of the same act

These templates are designed to facilitate compliance with TFS requirements and ensure that all stakeholders are aware of their obligations.

Mauritius’ Commitment to Compliance

Mauritius’ commitment to compliance with international sanctions is a testament to its dedication to upholding global standards and preventing the misuse of its financial system for illicit activities. The country’s efforts demonstrate its commitment to protecting its financial services sector from abuse and ensuring that it remains a responsible player in the global financial community.