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Mauritius Tightens Loops on Terrorist Financing Prevention

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Port Louis, Mauritius - In an effort to prevent money laundering and terrorist financing, Mauritius has strengthened its legislative framework by enacting various laws and regulations. The country is committed to combating these illegal activities, which pose significant threats to the global financial system.

Robust Measures to Prevent Money Laundering and Terrorist Financing

Under the Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA), the Prevention of Corruption Act 2002, and the Prevention of Terrorism Act 2002, Mauritius has implemented robust measures to prevent the financing of terrorism. The Convention for the Suppression of the Financing of Terrorism Act 2003 also provides for the International Convention for the Suppression of the Financing of Terrorism to be enforced in Mauritius.

Code on Prevention of Money Laundering and Terrorist Financing

The Financial Services Commission (FSC) has issued a comprehensive code on the prevention of money laundering and terrorist financing in 2012. The code applies to all FSC licensees and ensures that they are equipped to detect and prevent suspicious transactions.

Information Exchange Mechanisms

The FSC has established mechanisms for exchanging information with public sector agencies, international organisations, foreign supervisory institutions, or law enforcement agencies to combat money laundering and terrorist financing. Several memoranda of understanding (MOUs) have been signed with regulatory bodies, including foreign supervisory bodies, to facilitate mutual assistance and exchange of information.

Cooperation Framework

One such MOU is between the FSC and the Financial Intelligence Unit (FIU), which outlines the cooperation framework for preventing money laundering and terrorist financing. The FSC also forwards any information on suspicious transactions or money laundering offences to the FIU, as required by law.

Assessments and Evaluations

Mauritius has undergone two Financial Sector Assessment Programme (FSAP) exercises conducted by the International Monetary Fund-World Bank in 2003 and 2007. These assessments evaluated the country’s financial sector strengths, weaknesses, and vulnerabilities, as well as its contribution to economic growth.

Continuous Review and Compliance

The FSC continuously reviews its anti-money laundering and combating financing of terrorism (AML/CFT) regulatory framework to ensure compliance with international standards set by organisations such as the Financial Action Task Force (FATF), the International Organisation of Securities Commission (IOSCO), and the International Association of Insurance Supervisors (IAIS).

Membership in Regional Organizations

As a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and an associate member of FATF, Mauritius is committed to implementing regional AML/CFT recommendations.

Investor Protection

Investors are also protected through the FSC’s surveillance mechanism, which ensures that relevant stakeholders receive proper dissemination of investor alerts and warnings from international bodies such as IOSCO and other regulatory authorities. These alerts typically refer to entities that are not authorised to provide investment services in their jurisdiction.

Conclusion

By strengthening its legislative framework and implementing robust measures to prevent money laundering and terrorist financing, Mauritius demonstrates its commitment to maintaining a stable and secure financial system for its citizens and investors.