Financial Crime World

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Mauritius Tackles Money Laundering and Terrorist Financing with Comprehensive Risk Assessment

Port Louis, Mauritius - The Financial Action Task Force (FATF) has commended Mauritius for its efforts in combating money laundering and terrorist financing, citing the country’s comprehensive risk assessment as a key factor in its success.

Comprehensive Risk Assessment

The Virtual Assets and Initial Token Offering Services Act (VAITOS Act), which came into effect in February 2022, is a direct result of the VAs/VASPs Risk Assessment. The assessment identified ML/TF risks associated with virtual assets and virtual asset service providers (VASPs) and laid the foundation for the implementation of a risk-based approach to mitigate these risks.

National Strategy

The National Strategy for Combating Money Laundering and the Financing of Terrorism and Proliferation 2019-2022 outlines eight core themes aimed at enhancing Mauritius’ ability to prevent, detect, and deter money laundering and terrorist financing. The strategy focuses on:

  • Strengthening the AML/ CFT legal and regulatory framework
  • Implementing a comprehensive risk-based supervision framework
  • Enhancing national coordination and cooperation

Commitment to Combating Money Laundering and Terrorist Financing

“We are committed to ensuring that our financial system remains resilient and secure,” said [Name], Director of Financial Intelligence Unit (FIU). “Our comprehensive risk assessment has allowed us to identify areas where we need to strengthen our defenses against money laundering and terrorist financing.”

Action Plan

The VAs/VASPs Risk Assessment led to the development of an action plan, which includes:

  • Implementing a risk-based approach to supervision and monitoring of VASPs
  • Enhancing transparency of legal persons and arrangements

Progress and International Cooperation

Mauritius has made significant progress in combating money laundering and terrorist financing, with the FATF commending the country for its efforts to strengthen its AML/ CFT framework. The country’s National AML/ CFT Strategy is based on the gaps identified in the AML/ CFT Mutual Evaluation Report (MER) of Mauritius, which was published in September 2018.

The strategy includes measures to:

  • Strengthen the process by which ML/TF threats are detected and disrupted
  • Prosecute criminals and confiscate illegal proceeds
  • Enhance transparency of legal persons and arrangements
  • Implement an effective AML/ CFT data collection system in all relevant competent authorities

Mauritius is a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), which comprises 18 countries in the eastern and southern African region. The country has also committed to implementing the FATF Recommendations, which are recognized as the international standard for combating money laundering and the financing of terrorism.

Continuous Efforts

“We recognize that combating money laundering and terrorist financing is a continuous process,” said [Name], Financial Secretary of Mauritius. “We will continue to work closely with our international partners to ensure that our financial system remains secure and resilient.”