According to communication released by The Ministry of Financial Services and Good Governance released on 25 October 2020, Mauritius has made tremendous progress with respect to putting its jurisdiction at par with best practice norms for the fight against money laundering, terrorist financing and proliferation financing. The FATF commended Mauritius for its progress and encouraged the government to continue with its momentum.
A virtual Plenary session was held between 21-23 October 2020 in which the FATF acknowledged the substantial progress made by Mauritius well ahead of timelines.
Earlier this year, the FATF rated the banking framework in Mauritius as largely compliant based on the control measures in place for inter alia cross border transactions. Necessary actions will be taken to continue to enhance and further align the framework in place for the financial services sector to ensure international best practice.
It is clear from the communication that the Ministry is still committed to complete the remaining action items at the earliest possible and demonstrate the effectiveness of the Mauritius AML/CFT regime to counter money laundering, terrorist financing, and proliferation financing.
Please click HERE for the full communication letter.
Source: FSC Mauritius website