MAURITIUS TACKLES MONEY LAUNDERING AND TERRORIST FINANCING RISKS WITH STRATEGIC APPROACH
Mauritius has taken a comprehensive approach to combating money laundering and terrorist financing risks by implementing a national strategy that strengthens its legal and regulatory framework, enhances national coordination and cooperation, and improves its ability to detect and disrupt criminal activities.
Building on International Standards
The strategy is based on the findings of a Mutual Evaluation Report published in September 2018 and the National Risk Assessment of Mauritius published in August 2019. It identifies eight core themes that will enable Mauritius to effectively prevent, detect, and deter money laundering and terrorist financing.
Key Initiatives
- Strengthening the AML/CFT legal and regulatory framework
- Implementing a comprehensive risk-based supervision system
- Enhancing national coordination and cooperation
- Building capacity among law enforcement agencies
- Improving transparency in legal persons and arrangements
- Enhancing international cooperation
International Cooperation
Mauritius’ efforts are aligned with international standards set by the Financial Action Task Force (FATF), an inter-governmental body that sets standards for combating money laundering, terrorist financing, and proliferation of weapons of mass destruction. The country’s strategy is designed to meet the FATF’s 40 Recommendations, which aim to ensure a level playing field in the fight against financial crime.
Regional Recognition
The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), a regional body comprising 18 countries, has also recognized Mauritius’ efforts to combat money laundering and terrorist financing. The group aims to adopt and implement the FATF’s Recommendations, apply anti-money laundering measures to all serious crimes, and implement measures to combat the financing of terrorism.
Monitoring Progress
The success of Mauritius’ strategy will be monitored through a risk-based approach, ensuring that preventive and mitigating measures are commensurate with the identified money laundering and terrorist financing risks. The country’s efforts demonstrate its commitment to combating financial crime and meeting international obligations.
Action Plan
The action plan includes high and medium priority measures, as well as quick wins, aimed at holistically mitigating money laundering and terrorist financing risks in the country.
Key Areas of Focus
- Strengthening AML/CFT legal and regulatory framework
- Implementing comprehensive risk-based supervision system
- Enhancing national coordination and cooperation
- Building capacity among law enforcement agencies
- Improving transparency in legal persons and arrangements
- Enhancing international cooperation
Next Steps
Mauritius will continue to implement its strategy, monitoring progress through a risk-based approach. The country’s efforts demonstrate its commitment to combating financial crime and meeting international obligations.
Contact Us
For more information on Mauritius’ efforts to combat money laundering and terrorist financing, please contact [insert contact details].