22 October 2021
The eagerly awaited removal of Mauritius from the FATF’s list of jurisdictions under increased monitoring (commonly referred to as the Grey List) is a reality since 21 October 2021, crowning the relentless efforts of the Government, the regulators and the operators of the financial services industry.
The Financial Action Task Force (“FATF”) held its plenary session on 21 October 2021 whereby it announced that Mauritius and Botswana have been removed from the Grey List and are no longer subject to FATF’s increased monitoring process.
The President of the FATF highlighted in his press conference that Mauritius has succeeded in implementing the recommendations made in previous FATF assessments well ahead of the agreed timeline of January 2022. “The Mauritius International Financial Centre has once again proved how resilient it is. Since all its stakeholders managed to meet this challenge amidst the disruptions following unprecedented global Covid-19 pandemic and its uniquely complicated consequences”, he said.
The FATF also acknowledged that Mauritius has made major improvements in its AML/CFT framework which enable the jurisdiction to reinforce the effectiveness of its AML/CFT regime. Mauritius has made sufficient progress, and its technical compliance with the FATF Recommendations has been revised. Mauritius is now Compliant on 26 of the 40 Recommendations, Largely Compliant on 13 and remains Partially Compliant on 1 Recommendation which positions Mauritius ahead of jurisdictions like Singapore, the United Kingdom, the United States and some member states of the European Union and the FATF.
Private sector institutions and public sector organizations have collaborated in an extraordinary way to ensure that the FATF’s action plan be implemented. Mauritius has worked and will continue to work closely with the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) to further enhance its AML/CFT system.
This exit from the FATF’s list within a short time span sends a clear indication of the resilience capacities of the jurisdiction and demonstrates the commitment of the Government to maintaining the reputation and image of Mauritius as a jurisdiction of substance and as a serious international player. The Government of Mauritius and the financial sector operators remain committed to sustain the AML/CFT improvements and to combat money Laundering, terrorism financing and proliferation financing.
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