Financial Crime World

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Mauritius Takes Bold Step in Combating Money Laundering and Terrorist Financing

In a significant move to bolster its anti-money laundering (AML) and combating the financing of terrorism (CFT) efforts, Mauritius has published a comprehensive National Strategy for Combating Money Laundering and the Financing of Terrorism and Proliferation 2019-2022.

Strengthening AML/CFT Efforts

The strategy outlines eight core themes aimed at strengthening the country’s legal and regulatory framework, implementing a risk-based supervision framework, enhancing national coordination and cooperation, consolidating capacity building and training programs, and more. The goals are to prevent, detect, and deter money laundering and terrorist financing activities, as well as to meet international obligations set by the Financial Action Task Force (FATF).

Key Measures

The strategy includes several key measures:

  • Strengthening the legal and regulatory framework to ensure consistency with international standards
  • Implementing a comprehensive risk-based supervision framework for financial institutions, DNFBPs, and non-profit organizations
  • Enhancing national coordination and cooperation between competent authorities to combat money laundering and terrorist financing
  • Consolidating capacity building and training programs to ensure that all stakeholders are equipped to fulfill their AML/CFT obligations

Importance of Private Sector Stakeholder Engagement

The strategy also emphasizes the importance of maintaining an ongoing dialogue with relevant private sector stakeholders to ensure effective implementation of AML/CFT requirements.

Government Commitment

“Mauritius is committed to ensuring that its financial system remains robust and secure, while also supporting international efforts to combat money laundering and terrorist financing,” said a government spokesperson. “This national strategy is a critical step in achieving these goals.”

FATF Praises Mauritius’ Efforts

The FATF has praised Mauritius’ efforts in combating money laundering and terrorist financing, noting the country’s progress in implementing AML/CFT measures and its commitment to continuing to strengthen its framework.

Conclusion

With this new strategy, Mauritius is demonstrating its determination to remain a leader in anti-money laundering and combating the financing of terrorism efforts.