Financial Crime World

Mauritius Takes Tough Stance on Money Laundering

Mauritius has stepped up its efforts to combat money laundering and the financing of terrorism by ensuring that financial institutions comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.

Collaboration among Authorities

The Financial Services Commission (FSC), Bank of Mauritius (BOM), and relevant authorities such as the Financial Intelligence Unit (FIU) and Independent Commission Against Corruption (ICAC) are working together to prevent corruption and demonstrate Mauritius’ commitment to fighting money laundering and terrorist financing.

International Conventions

Mauritius has ratified and acceded to several international conventions, including:

  • The United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances
  • The United Nations Convention against Transnational Organised Crime
  • International Standards on Combating Money Laundering and the Financing of Terrorism issued by the Financial Action Task Force

Legislative Measures

Legislative measures have been put in place to strengthen AML/CFT compliance, including:

  • The Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA)
  • Prevention of Corruption Act 2002
  • Prevention of Terrorism Act 2002
  • The Anti-Money Laundering and Countering the Financing of Terrorism Handbook

Guidance for Financial Institutions

The FSC has released an AML/CFT Handbook to assist financial institutions in complying with national measures to combat money laundering and terrorist financing. The handbook aims to provide guidance on the requirements of FIAMLA and FIAML Regulations 2018.

Supervision and Monitoring

Supervision is another key aspect of Mauritius’ efforts to prevent money laundering. The FSC conducts:

  • Onsite supervision: supervisory visits and inspections at licensees’ places of operation
  • Offsite supervision: examination of statutory returns and audited financial statements

Exchange of Information

The exchange of information is also critical in combating money laundering and terrorist financing. The FSC has the power to share information with public sector agencies, international organisations, foreign supervisory institutions or law enforcement agencies. Several Memoranda of Understanding (MOUs) have been signed between the FSC and regulatory bodies to facilitate mutual assistance and exchange of information.

Conclusion

In summary, Mauritius is taking a tough stance on money laundering and terrorist financing by strengthening its AML/CFT regulations, conducting effective supervision, and facilitating the exchange of information with international partners.