The Financial Action Task Force (FATF) has confirmed the removal of Mauritius from its list of jurisdictions under enhanced scrutiny due to strategic AML/CFT deficiencies.
This is great news for Mauritius and will help ensure that the country continues to play a key role in facilitating foreign direct investment on the African continent.
The announcement was made following the FATF plenary session held from 19 to 21 October 2021.
The FATF recognised all of the actions and enhanced measures taken by the Government of Mauritius to address the existing deficiencies, noting that they were sufficiently robust and had demonstrated a strong commitment by the jurisdiction to combat money laundering and terrorist financing.
Following the June 2021 Plenary, the FATF announced that Mauritius had substantially completed its action plan.
This was followed by a September 2021 trip by FATF delegates to assess whether Mauritius had effectively implemented sustainable AML/CFT reforms.
The results show that Mauritius has a sufficiently robust AML/CFT framework, with 39 compliant and largely compliant indicators out of the FATF’s 40 recommendations.
Mauritius remains partially compliant on only one recommendation, related to the treatment of virtual assets, for which the authorities have already initiated the required regulatory actions.
The international community can now have renewed confidence in Mauritius as an international and global financial centre.
This is excellent news for Mauritius which has always been at the forefront of structuring investments in the region’s developing economies while adhering to the highest standards of AML/CFT compliance.
Mauritius will certainly be removed from the European Union (EU) “blacklist” of countries with anti-money laundering and counter-terrorism financing deficiencies in the coming weeks.
This will support EU institutional investors in their decision to continue to invest in Mauritian companies and funds in order to have a positive socio-economic impact in the region.
To this end, JLSK Group stands by you, the companies, capital markets, private clients and funds and will be at the forefront of promoting the Mauritian IFC which has now emerged strengthened from the FATF enhanced supervision process.
We remain available to provide any further information on the subject or on the enabling ecosystem that Mauritius has for structuring cross-border investment and trade in the region.
For more informations Contact Us.
FATF / GAFI 40 Recommendations
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