Mauritius Takes a Leap Forward in Beneficial Ownership Disclosure Frameworks
Workshop Highlights Importance of Transparency in Fight Against Money Laundering and Financing of Terrorism
Port Louis, Mauritius - The Bank of Mauritius recently hosted a workshop on beneficial ownership disclosure frameworks at its Aunauth Beejadhur Auditorium. The event was attended by First Deputy Governor Mardayah Kona Yerukunondu, who emphasized the significance of this theme in combating money laundering and financing of terrorism.
Progress towards Implementing ICRG Action Plan
Mauritius has been working closely with the European Union to implement the ICRG Action Plan and exit the FATF Grey list. The country is confident that its efforts will soon yield results, allowing it to leave the list of High Risk Third countries.
International Expertise and Technical Assistance
The workshop brought together experts from the EU Global Facility, including Alexander Taymans, Arnaud Stien, and Igor Bereza, who provided technical assistance in implementing beneficial ownership disclosure frameworks. Representatives from the Financial Services Commission and Jordan’s Anti-Money Laundering and Financing Terrorism Unit also attended the event.
Prioritizing Transparency and Education
Yerukunondu expressed gratitude to the EU for its support in improving Mauritius’ AML/ CFT systems. He emphasized that the theme of beneficial ownership has been a priority globally, citing numerous high-profile cases where criminals have laundered illicit proceeds by obscuring asset ownership while retaining control.
Supervisors’ Role in Ensuring Adequate Governance and Controls
The First Deputy Governor urged supervisors to play a crucial role in ensuring the adequacy of governance, controls, and processes in financial institutions under their purview. He highlighted the importance of education as a key supervisory tool, citing the FATF’s emphasis on the need for effective AML/ CFT systems.
Workshop Objectives
The workshop aimed to bring added value to participants’ work in the area of beneficial ownership disclosure frameworks. Yerukunondu wished the attendees fruitful deliberations and expressed his confidence that their discussions would yield positive outcomes.
Key Takeaways:
- The importance of transparent beneficial ownership disclosure frameworks in combating money laundering and financing of terrorism
- Mauritius’ progress towards implementing the ICRG Action Plan and exiting the FATF Grey list
- International expertise and technical assistance provided to support implementation
- Prioritizing transparency, education, and effective governance and controls in financial institutions.