Mauritius Embarks on Risk-Based Approach to Anti-Money Laundering and Combating Financing of Terrorism

The Mauritian government has taken a crucial step towards strengthening its anti-money laundering (AML) and combating financing of terrorism (CFT) measures, solidifying its position as a leading International Financial Centre.

National Money Laundering and Counter Terrorism Financing Risk Assessment (NRA)

Conducted in accordance with Recommendation 1 of the Financial Action Task Force (FATF), the NRA exercise aimed to identify, assess, and understand the risks associated with money laundering and terrorist financing. The report used a World Bank-developed tool and findings from the Mutual Evaluation Report published by ESSSAMLG in July 2018.

Benefits of the Risk-Based Approach

• Provides an effective pathway to implementing a risk-based AML/CFT regime
• Enables efficient allocation of resources
• Adoption of measures to prevent and mitigate money laundering and terrorism financing

Strengthening Coordination amongst Relevant Authorities

The NRA has provided an opportunity for Mauritius to strengthen coordination amongst relevant authorities and government agencies, allowing them to focus resources effectively in combating money laundering and terrorism financing.

Availability of the Report

The report can be downloaded online, marking a significant milestone in the country’s efforts to maintain its reputation as a stable and secure financial hub.

By implementing this risk-based approach, Mauritius is demonstrating its commitment to maintaining a robust AML/CFT regime, ensuring the integrity of its financial system, and upholding international standards.