The global anti-terror watchdog, Financial Action Task Force (FATF) has removed Mauritius from its grey list – jurisdictions under increased monitoring.
FATF president Marcus Pleyer told a press conference that Mauritius, as well as Botswana, both completed their white list action plans and were removed from the grey list following an on-site visit.
“Both countries gave a high-kevel political commitment to implement reforms that have improved their anti-money laundering and counter-terrorism financial system.”
Meanwhile, Turkey, Mali and Jordan have all been added to the grey list, while Pakistan and Malta, which was added to the list last June, remains on it.
With FATF rerating Mauritius, chances are that the country would exit the European Union blacklist.
Even though some of the international investors have relocated to Singapore or other jurisdictions in recent years, many offshore funds continue to prefer Mauritius which is comparatively inexpensive and serves as a gateway for investments in African countries.
The FATF decision announced Thursday evening is a positive development for the island country whose economy depends on its standing as an International Financial Centre.