Financial Crime World

Mauritius Cracks Down on Terrorist Financing Risks in Non-Profit Sector

Port Louis, Mauritius - The Government of Mauritius has taken significant steps to combat terrorist financing risks in the non-profit sector, in line with international standards set by the Financial Action Task Force (FATF).

A Growing Concern

According to a recent report, the country’s non-profit organisations (NPOs) are at risk of being exploited for terrorist financing activities. To address this issue, Mauritius has implemented a comprehensive legal and regulatory framework that is consistent with international standards.

Strengthening Measures

The government has also established a risk-based supervision framework for financial institutions, designated non-financial businesses and professions (DNFBPs), and NPOs to ensure their effective assessment and management of money laundering and terrorist financing risks. Additionally, Mauritius has strengthened its process for detecting and disrupting money laundering and terrorist financing threats, and has enhanced national coordination and cooperation between competent authorities to effectively combat these crimes.

FATF Recognition

The country’s efforts have been recognized by the FATF, which has commended Mauritius for its progress in implementing anti-money laundering and combating the financing of terrorism (AML/CFT) measures.

AML/CFT Strategy

The government’s AML/CFT strategy is based on eight core themes that aim to strengthen the country’s ability to prevent, detect, and deter money laundering and terrorist financing. The themes include:

  • Strengthening the AML/CFT legal and regulatory framework
  • Implementing a comprehensive risk-based supervision framework
  • Strengthening the process for detecting and disrupting ML/TF threats
  • Enhancing national coordination and cooperation
  • Consolidating capacity building, training, and awareness-raising programs
  • Enhancing transparency of legal persons and arrangements
  • Implementing an effective AML/CFT data collection system in all relevant competent authorities
  • Enhancing regional and international cooperation

A Global Effort

The FATF is an inter-governmental body that sets standards for combating money laundering, terrorist financing, and other related threats to the integrity of the financial system. The organisation has developed a series of Recommendations that are recognised as the international standard for combating these crimes.

Mauritius’ efforts to combat terrorist financing risks in the non-profit sector demonstrate its commitment to implementing international standards and contributing to a global effort to prevent the misuse of the financial system for criminal activities.

Conclusion

In conclusion, Mauritius has taken significant steps to address the risk of terrorist financing in the non-profit sector. The country’s efforts have been recognized by the FATF, and its AML/CFT strategy is designed to strengthen the country’s ability to prevent, detect, and deter money laundering and terrorist financing.