Here is the rewritten article in Markdown format:
Mauritius Takes Steps to Enhance Anti-Money Laundering Practices
The Financial Services Commission (FSC) in Mauritius has taken a significant step forward in its fight against money laundering and terrorist financing by developing an Anti-Money Laundering and Countering the Financing of Terrorism Handbook.
Comprehensive Guidance for Financial Institutions
The handbook is designed to assist financial institutions under the FSC’s purview in meeting the requirements of the FIAMLA (Financial Intelligence and Assets Management Law Act) and FIAML (Financial Intelligence and Anti-Money Laundering Regulations) 2018. The comprehensive guide provides enhanced guidance on:
- Business risk assessment
- Independent audit
Recent Updates to the AML/CFT Handbook
The latest edition of the AML/CFT Handbook has been updated to incorporate the following changes:
- Enhanced guidance on business risk assessment and independent audit, following a thorough review as part of the Risk-Based Supervision cycle from 2020-21
- Consolidation of the Commission’s guidelines on anti-money laundering, financing of terrorism, and financing of proliferation of weapons of mass destruction
Certification Provision Added
The AML/CFT Handbook was revised in September 2022 to incorporate a new provision on certification, aligning with legislative changes to FIAMLA and FIAML Regulations 2018. The updated handbook is now available for download by financial institutions operating in Mauritius.
Industry Reaction
Industry observers have hailed the initiative as a major step forward in Mauritius’ efforts to combat money laundering and terrorist financing. They underscore the importance of robust anti-money laundering practices in maintaining the country’s reputation as a leading financial hub.
Note: I used headings (e.g., Mauritius Takes Steps to Enhance Anti-Money Laundering Practices), subheadings (e.g., Comprehensive Guidance for Financial Institutions), and bullet points (e.g., * Business risk assessment*) to format the article in Markdown style. Let me know if you’d like any further changes!