At its Plenary held on the 19-21 October, the Financial Action Task Force (FATF) approved the removal of Mauritius from the list of “Jurisdictions under Increased Monitoring” commonly referred to as the “FATF Grey List”. This decision followed the recommendation put forward by the International Co-operation Review Group (ICRG) of the FATF, which was satisfied of the progress made by Mauritius in combatting money laundering and terrorist financing and of the completion of its Plan of Action during the on-site inspection conducted on the 13-15 September. Now that Mauritius has been whitelisted by the FATF, the country awaits its imminent delisting from the EU List of High Risk Third Countries (also referred to as the “EU Blacklist”). It will be recalled that Mauritius was placed in the FATF Grey List in February 2020, as a result of strategic deficiencies identified in its AML/CFT framework. The European Union ultimately followed suit in May 2020 and took the decision to include the country on the EU Blacklist effective as from 1 October 2020. In 2020, Mauritius made a high-level political commitment to work with the FATF and the Eastern & Southern Africa Anti-Money Laundering Group (ESAAMLG) to strengthen the effectiveness of its AML/CFT regime and since then, the Government moved beyond rhetoric and pledges; it worked relentlessly alongside key stakeholders and the relevant representatives of the private sector to address the various deficiencies. At the June 2021 Plenary, the FATF commended the progress achieved by the country and took note of the key reforms made to its AML/CFT framework, as follows: | conducting outreach to promote understanding of ML and TF risks and obligations; developing risk-based supervision plans effectively for the Financial Services Commission; ensuring access to accurate basic and beneficial ownership information by competent authorities in a timely manner; and providing training for law enforcement authorities to ensure that they have the capability to conduct money laundering investigations.
| Concurrently, Mauritius made an application earlier this year, for the re-rating of FATF Recommendations 8, 24 and 33 by the ESAAMLG and these were upgraded as follows: | Recommendation 8 (Non-Profit Organisations): from Non-Compliant to Largely Compliant Recommendation 24 (Transparency and Beneficial Ownership of Legal Persons): from Partially Compliant to Largely Compliant Recommendation 33 (Statistics): from Partially Compliant to Compliant
| Mauritius is now Compliant or Largely Compliant in 39 out of the 40 FATF Recommendations on Technical Compliance, with only Recommendation 15 (New Technologies) rated as Partially Compliant. Mauritius has had its fair share of challenges over the past year and its delisting from the FATF Grey list and subsequent removal from the EU Blacklist will certainly dispel the clouds of uncertainty that hovered over the jurisdiction. Contrary to general belief, the challenges posed by the inclusion of Mauritius on the FATF Grey List have not been entirely detrimental and unbeneficial to the country. If anything, they have helped it emerge as a resilient jurisdiction that prioritizes transparency and adherence to international best practices and where the public and private sectors work in unison to support the very foundations of the economy. | ITL Data Protection compliance programme - Reminder As you are aware, we hold your contact details on our database and have been sending you regular newsletters and updates about the latest developments in the Mauritius financial landscape and other areas of interest. Following recent changes in the EU General Data Protection Regulation (GDPR) and the Mauritius Data Protection Act 2017, we now require your consent to hold your personal data. Please click here to confirm that you still want to hear from us and get the latest news about the Mauritius International Financial Centre. Should you wish to opt out of our future e-mail communications, please click here to stop receiving correspondence from ITL. Alternatively, you may use the unsubscribe button at the bottom of all our communications or send us an e-mail at unews@intercontinentaltrust.com Data security and protection is of prime importance to us and we invite you to read our privacy policy which provides information about how we manage and process your personal information. We are only a phone call or an e-mail away. If you have any comments, questions or concerns about any of the information in our policy, or any issues relating to the processing of personal data by ITL, please contact your regular contact person at ITL or write to us on dpo@intercontinentaltrust.com | | DISCLAIMER The information in this e-newsletter was prepared by Intercontinental Trust Limited to provide potential clients with a broad overview of the opportunities available in Mauritius. While all reasonable care has been taken in the preparation of this e-newsletter, Intercontinental Trust Limited accepts no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust Limited will be pleased to discuss any specific issues. |
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