Insight

Mauritius moves one-step closer to exiting the FATF increased monitoring list

Mauritius

I am delighted to share the announcement made by the Financial Action Task Force (FATF) on Friday 25 June 2021 about a forthcoming onsite inspection in Mauritius. This inspection will confirm the implementation of the country’s AML/CFT reforms previously including institutional capacity building and that the necessary policy-making commitment remains in place to sustain implementation of the framework in future.

This key milestone came following the June 2021 plenary meeting that commended the significant progress made by all stakeholders of the Financial Services sector to address the strategic shortages identified and complete the action plan, under the current difficult circumstances caused by the COVID-19 pandemic.

A decision will be made at the next plenary meeting, scheduled for October 2021, to assess the exit of Mauritius from the FATF Grey list. If successful, the process of removal from the EU AML/CFT Black list would be initiated immediately post the FATF decision.

We welcome this excellent news which we see as testament to the continuous efforts made by Financial Services stakeholders to further strengthen Mauritius as a robust International Financial Centre.

Please find below the links to access the official communiques issued by the FATF and the Ministry of Financial Services and Good Governance.

Documents - Financial Action Task Force (FATF) (fatf-gafi.org)

Communique - AML - CFT_ June 2021_FINAL.pdf (edbmauritius.org)

Please do not hesitate to reach out to Sridhar Nagarajan for any further clarification you may need.