Mauritius has been identified by the European Commission (EC) as a high-risk third country with strategic deficiencies in anti-money laundering and counter-terrorist financing frameworks. This comes on the back of the Financial Action Task Force (FATF) placing Mauritius on the grey list, a list of jurisdictions with deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. FATF placed Mauritius on the grey list after the mutual evaluation carried out by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) in 2018 and updated in 2019.
As part of the response to the identified issues, the government recently issued a draft bill titled The Anti-Money Laundering and Combating the Financing of Terrorism (Miscellaneous Provisions) Bill, and this is currently being considered in Parliament.
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The FATF and EC identified 5 key challenges:
Deficiencies in demonstrating that the supervisors of its global business sector and Designated Non-Financial Businesses and Professions implemented risk-based supervision...
Failure in implementing a risk-based approach for supervision of its non-profit organisation sector to prevent abuse for terrorist financing purposes...
Failure to demonstrate that law enforcement authorities have capacity to conduct money laundering investigations, including parallel financial investigations and complex cases...
Failure to ensure access to accurate basic and beneficial ownership information by competent authorities in a timely manner...
Failure to demonstrate adequate implementation of targeted financial sanctions through outreach and supervision...
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