Financial Crime World

Mauritius Undertakes National Risk Assessment to Combat Money Laundering and Terrorism Financing

Strengthening Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regime

Port Louis, Mauritius - The Government of Mauritius has conducted a national risk assessment to identify and mitigate potential threats to its financial system, in collaboration with the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and the Financial Action Task Force (FATF).

Objectives of the National Risk Assessment

  • Identify and assess risks posed by money laundering and terrorism financing in the country’s financial system
  • Evaluate the effectiveness of existing AML/CFT measures
  • Provide recommendations for strengthening the regime

Key Findings and Recommendations

  • Strengthen the legal and regulatory framework
  • Improve risk-based supervision
  • Enhance national coordination and cooperation
  • Increase transparency in legal persons and arrangements

Eight-Core Strategic Theme for AML/CFT Strategy

  1. Strengthening the Legal and Regulatory Framework: Implement a comprehensive legal and regulatory framework to prevent money laundering and terrorism financing.
  2. Implementing a Comprehensive Risk-Based Supervision Framework: Develop a risk-based approach to supervising financial institutions and identifying potential threats.
  3. Detecting and Disrupting ML/TF Threats: Enhance the country’s ability to detect and disrupt money laundering and terrorist financing activities.
  4. Enhancing National Coordination and Cooperation: Foster cooperation between government agencies, financial institutions, and international partners to combat money laundering and terrorism financing.
  5. Consolidating Capacity Building Programs: Develop training programs for financial sector professionals and law enforcement officials to enhance their skills in combating money laundering and terrorism financing.
  6. Increasing Transparency in Legal Persons and Arrangements: Improve transparency in the ownership and control of legal persons and arrangements.
  7. Implementing an Effective Data Collection System: Establish a robust data collection system to track suspicious transactions and identify potential threats.
  8. Promoting Regional and International Cooperation: Strengthen cooperation with regional and international partners to combat money laundering and terrorism financing.

Complying with FATF Recommendations

The AML/CFT strategy is designed to ensure that Mauritius complies with the 40 Recommendations of the FATF, which are recognized as the international standard for combating money laundering, terrorist financing, and proliferation of weapons of mass destruction.

Minister’s Commitment

“This national risk assessment is an important step in our efforts to strengthen our AML/CFT regime and ensure that Mauritius remains a stable and secure financial hub,” said [Name], Minister of Finance and Economic Development. “We are committed to implementing the recommendations outlined in this report and working with our international partners to combat money laundering and terrorism financing.”

Next Steps

The national risk assessment is expected to be followed by a mutual evaluation report, which will provide an in-depth description and analysis of Mauritius’ AML/CFT system and focused recommendations for further strengthening it.

[Source: Government of Mauritius]