Financial Crime World

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Mauritius Enhances Anti-Money Laundering and Counter-Terrorism Framework to Combat Financial Crime

Mauritius has strengthened its legislative framework to combat money laundering and financing of terrorism, adhering to international initiatives to curb financial crime. The country’s Financial Services Commission (FSC) has issued guidelines for individuals to comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.

Key Laws and Regulations

The FSC has enacted several laws to combat financial crime, including:

  • Financial Intelligence and Anti-Money Laundering Act 2002: This law provides a framework for reporting suspicious transactions and investigating money laundering offenses.
  • Prevention of Corruption Act 2002: This law aims to prevent corruption by prohibiting corrupt practices and ensuring transparency in government dealings.
  • Prevention of Terrorism Act 2002: This law prohibits terrorist activities and provides measures to prevent the financing of terrorism.
  • Convention for the Suppression of the Financing of Terrorism Act 2003: This law implements the UN Convention for the Suppression of the Financing of Terrorism.

Guidelines and Handbook

The FSC has also issued an AML-CFT Handbook, which provides a comprehensive guide to combating financial crime. The handbook outlines the requirements for reporting suspicious transactions, conducting due diligence on customers, and monitoring customer accounts.

Memoranda of Understanding (MOUs)

The FSC has signed MOUs with regulatory bodies, including foreign supervisory institutions, to facilitate information sharing and mutual assistance in fighting financial crime. These MOUs aim to:

  • Consolidate supervision of cross-border operations
  • Define mechanisms for sharing information
  • Reinforce collaboration among institutions

Cooperation with Financial Intelligence Unit (FIU)

The FSC works closely with the FIU, forwarding any information on suspected money laundering or terrorist financing activities to the FIU. Foreign authorities can also request assistance from the Attorney General in relation to serious offenses under the Mutual Assistance in Criminal and Related Matters Act 2003.

Financial Sector Assessment Programme (FSAP)

Mauritius has voluntarily undergone FSAP exercises by the International Monetary Fund-World Bank in 2003 and 2007. The FSAP team recognized significant steps taken by Mauritian authorities to enhance the AML/CFT framework.

Regular Review of Regulatory Framework

The FSC regularly reviews its AML/CFT regulatory framework to meet new standards set by international organizations such as the International Organisation of Securities Commission (IOSCO) and the International Association of Insurance Supervisors (IAIS). The FSC has also reviewed its Risk-Based Supervision Framework to ensure compliance 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 FATF, and is committed to implementing FATF recommendations regionally. The FSC ensures proper dissemination of investor alerts and warnings from international bodies to relevant stakeholders, warning investors about entities not authorized to provide investment services.

Commitment to Combating Financial Crime

The Mauritian government’s commitment to combating financial crime has been recognized by the international community, with significant steps taken to enhance its AML/CFT framework. Individuals are advised to familiarize themselves with the guidelines and regulations to ensure compliance and prevent financial crime.