Mauritius Moves to Enhance Financial Sector’s Anti-Terrorism Efforts
Port Louis, Mauritius - The Mauritian government has taken significant steps to prevent terrorist financing and money laundering in the country, with a focus on non-profit organizations (NPOs) and virtual assets.
Strengthening Anti-Money Laundering and Combating the Financing of Terrorism Framework
According to a report by the Financial Action Task Force (FATF), Mauritius has identified key vulnerabilities in its financial system and is working to address them. The government has implemented measures to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework, including:
- Establishment of a comprehensive legal and regulatory regime
- Risk-based supervision of financial institutions, designated non-financial businesses and professions (DNFBPs), and NPOs
Effective Risk-Based Supervision
The report highlighted the importance of effective risk-based supervision of financial institutions, DNFBPs, and NPOs. Mauritius has implemented a risk-based approach to supervision, with a focus on high-risk sectors such as:
- Gambling
- Trust and company services providers (TCSPs)
- Banking
- Securities
- Real estate
- Jewelry
Strengthened Processes for Detecting and Disrupting ML/TF Threats
The government has also strengthened its process for detecting and disrupting money laundering and terrorist financing threats, including:
- Improving national coordination and cooperation
- Enhancing transparency of legal persons and arrangements
- Improving data collection system
- Enhancing regional and international cooperation
Commitment to Ongoing Dialogue with Private Sector Stakeholders
The government has demonstrated its commitment to ongoing dialogue with private sector stakeholders to ensure effective implementation of AML/CFT requirements.
Membership in Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
Mauritius is a member of the ESAAMLG, which comprises 18 countries in the eastern and southern African region. The government has committed to implementing global standards to combat money laundering and financing of terrorism and proliferation.
“We are committed to ensuring that our financial sector remains robust and resilient in the face of evolving threats,” said a government spokesperson. “We will continue to work closely with our international partners to strengthen our AML/CFT regime and prevent terrorist financing and money laundering.”