Financial Crime World

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Mauritius Takes Strengthened Measures to Combat Money Laundering and Financing of Terrorism

Mauritius has taken significant steps to prevent money laundering and financing of terrorism by strengthening its legislative framework, regulatory measures, and international cooperation. The island nation has enacted various laws and regulations to combat these financial crimes.

Legislative Framework

The Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA), the Prevention of Corruption Act 2002, and the Prevention of Terrorism Act 2002 are key legislations that provide a solid foundation for combating money laundering and financing of terrorism. Additionally, the AML-CTF Handbook and the Convention for the Suppression of the Financing of Terrorism Act 2003 have been implemented to ensure compliance with international standards.

Regulatory Measures

The Financial Services Commission (FSC) has issued guidelines on the prevention of money laundering and terrorist financing, which is a comprehensive document applicable to all its licensees. The FSC also has the power to exchange information with public sector agencies, international organizations, foreign supervisory institutions or law enforcement agencies.

International Cooperation

Several Memoranda of Understanding (MOUs) have been signed between the FSC and regulatory bodies to facilitate mutual assistance and exchange of information. These MOUs aim to:

  • Consolidate supervision of cross-border operations of financial institutions
  • Define mechanisms for sharing information in accordance with international standards
  • Reinforce collaboration amongst institutions in the fight against crime

The FSC has also signed a Memorandum of Understanding (MOU) with the Financial Intelligence Unit (FIU), which outlines the ways in which both institutions will cooperate in preventing money laundering and financing of terrorism. The FSC forwards any information on suspected money laundering or suspicious transactions to the FIU, as required by law.

Participation in International Programs

Mauritius has also voluntarily participated in the Financial Sector Assessment Programme (FSAP) exercises conducted by the International Monetary Fund-World Bank in 2003 and 2007. These exercises assessed the Mauritian financial sector’s strengths, weaknesses, and vulnerabilities to macroeconomic shocks, as well as its contribution to economic growth.

Ongoing Review and Improvement

The FSC constantly reviews its anti-money laundering and combating the financing of terrorism (AML/CFT) regulatory framework to ensure compliance with new international standards. The commission has also reviewed its risk-based supervision framework to ensure that licensees comply with AML/CFT legislation.

Membership in Regional Organizations

Mauritius is an active member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), an associate member of the Financial Action Task Force (FATF), and is committed to implementing the FATF recommendations regionally. The FSC also ensures that investor alerts and warnings from international bodies are disseminated to relevant stakeholders, providing investors with timely information about entities that may not be authorized to provide investment services.

Conclusion

These strengthened measures demonstrate Mauritius’ commitment to preventing money laundering and financing of terrorism, ensuring a safe and secure financial environment for investors and the general public.