Financial Crime World

Mauritius Launches New Measures to Combat Money Laundering

Strengthening Efforts Against Financial Crimes

In an effort to enhance its ability to combat money laundering, the Mauritian government has introduced new amendments to the Financial Intelligence Unit (FIU) Act. These changes aim to strengthen the country’s anti-money laundering framework and ensure compliance with international standards.

Amendments to the FIU Act

  • Section 11 of the FIU Act has been amended to provide for the exercise of functions by the Director or appointed persons.
  • The Director will consult with relevant stakeholders, including law officers, police, and financial institutions, to ensure effective coordination in combating money laundering.

Revamped Board of the FIU

The Board of the FIU has been revamped to include:

  • A Chairperson with a minimum of 10 years’ experience as a Judge of the Supreme Court or a Magistrate in Mauritius.
  • Two other members with substantial experience in the legal profession and financial services industry.

Expanded Functions of the Board

The Board’s functions have been expanded to include:

  • Reviewing the budgetary estimates of the FIU.
  • Issuing instructions on financial management.
  • Advising the Director on discharge of duties.
  • Considering annual reports.

Enhanced Transparency and Stakeholder Engagement

The government has committed to consulting with stakeholders and ensuring transparency in its efforts to combat financial crimes. This will help build trust and confidence in Mauritius as a reliable and stable financial hub.

Impact on Economic Growth

Experts believe that the new measures will help strengthen Mauritius’ reputation as a reliable and stable financial hub, attracting foreign investment and promoting economic growth.

Effective Dates for Amendments

The amendments come into effect from various dates, with some provisions taking effect immediately, while others will be implemented on specific dates. The government has assured the public that the changes are aimed at improving the country’s anti-money laundering framework and ensuring compliance with international standards.