Here is the converted article in markdown format:
Mauritius Unveils Comprehensive Plan to Combat Money Laundering and Terrorist Financing
Port Louis, Mauritius - The Government of Mauritius has launched a national strategy to combat money laundering (ML) and terrorist financing (TF), aimed at strengthening the country’s defenses against these threats.
Comprehensive Plan to Enhance Transparency and Cooperation
The National Strategy for Combating ML/TF, released yesterday, outlines a comprehensive plan to:
- Improve understanding of ML/TF risks
- Implement parallel financial investigations as part of law enforcement efforts
- Ensure timely and effective coordination between domestic authorities and international partners
- Equip law enforcement agencies with necessary resources
Key Objectives
The strategy emphasizes the importance of:
- Capacity building, training, and awareness raising programs for relevant stakeholders, including:
- Financial institutions
- Non-profit organizations
- Other sectors
Implementation and Monitoring
To ensure effective implementation, a National Action Plan has been developed, outlining specific actions to be taken by various authorities and stakeholders. The plan will be reviewed and monitored regularly by the National AML/CFT Committee, with support from the National AML/CFT Secretariat.
Reporting and Compliance
Mauritius has committed to submitting bi-annual progress reports to the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) Secretariat, providing updates on implementation of the strategy and identifying any constraints that may arise. The country’s efforts to combat ML/TF are in line with international standards set by the Financial Action Task Force (FATF), which is a global body that sets standards for combating money laundering and terrorist financing.
Key Dates
- 2019: Implementation of the National Strategy begins
- 2022: Completion of implementation timeline
High-Level Implementation Timeline
| Year | Quarter | Key Actions |
|---|---|---|
| 2019 | Q1-Q4 | Strengthening AML/CFT legal framework, risk-based supervisory framework for financial institutions and DNFBPs |
| 2020 | Q1-Q4 | Implementing parallel financial investigations, enhancing national coordination and cooperation efforts |
| 2021 | Q1-Q4 | Consolidating capacity building, training and awareness raising programs, improving data collection systems |
| 2022 | Q1-Q4 | Enhancing regional and international cooperation, reviewing implementation progress |
Conclusion
The National Strategy for Combating ML/TF is a crucial step towards ensuring the integrity of Mauritius’ financial system and protecting its economy from the threats of money laundering and terrorist financing.