At its June 2021 Plenary, the Financial Action Task Force (FATF) has made the initial determination that Mauritius has substantially completed its action plan and warrants an on-site assessment to verify that the implementation of Mauritius’sAML/CFT reforms has begun and is being sustained.
The FATF also claimed that it intends to verify is if the necessary political commitment remains in place to sustain implementation in the future.
Mauritius has made the following key reforms, including by:
(1) conducting outreach to promote understanding of ML and TF risks and obligations;
(2) developing risk-based supervision plans effectively for the Financial Services Commission;
(3) ensuring access to accurate basic and beneficial ownership information by competent authorities in a timely manner; and
(4) providing training for law enforcement authorities to ensure that they have the capability to conduct money laundering investigations.
The FATF will continue to monitor the COVID-19 situation and intends to conduct an on-site visit at the earliest possible date.
Defi Media cited financial experts as clarifying that the announcement of FATF’s visit to the country does not necessarily mean that Mauritius has won.
“However, if all goes well, Mauritius would no longer be in FATF’s grey list at its next and final plenary meeting in October,” it said.
The only jurisdiction which was withdrawn from the FATF list of jurisdictions under increased monitoring is Ghana.
