Mauritius Strengthens Financial Sector Against Money Laundering and Terrorist Financing
Introduction
In a bid to enhance the financial sector’s resilience against money laundering and terrorist financing, Mauritius’ Financial Services Commission has released an updated Anti-Money Laundering and Countering the Financing of Terrorism Handbook. This comprehensive guide aims to empower financial institutions under its supervision to effectively comply with national anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.
Key Features of the AML/CFT Handbook
- Comprehensive Framework: The handbook provides a detailed framework for financial institutions to assess and mitigate risks associated with money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
- Consolidation of Guidance: The document consolidates guidance from various sources, including international standards and best practices, ensuring that Mauritius’ financial sector is equipped to deal with complex threats.
- Risk-Based Supervision Cycle: The handbook emphasizes the importance of business risk assessment and independent audit, critical components of the risk-based supervision cycle.
Recent Updates
The AML/CFT Handbook has undergone several updates since its initial release:
- In 2020-21, it was revised to include new guidance on business risk assessment and independent audit.
- More recently, in September 2022, the handbook was amended to reflect legislative changes to the Financial Intelligence and Anti-Money Laundering Act (FIAMLA) and the Financial Institutions (Anti-Money Laundering) Regulations 2018.
Availability of the Updated Handbook
The updated handbook is now available for download from the Financial Services Commission’s website. The commission has emphasized the importance of implementing effective AML/CFT measures, highlighting that financial institutions have a critical role to play in preventing the misuse of their services for illicit activities.