Financial Action Task Force (FATF) & Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)

The FATF is the global standard-setter for combating Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF). The FATF has developed 40 Recommendations that countries should implement to combat financial crimes. Mauritius has made significant efforts to enhance its AML/CFT framework, leading to its removal from the FATF grey list.

 

Mauritius is also an active member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), an associate member of FATF and is committed to implementing the FATF recommendations regionally. Mauritius is the Co-Chair of the FATF Africa Joint Group, represented by Ms. Yonesha Sahye from the FSC.

 

The FSC plays a key role in implementing these international standards across the financial services sector to protect the integrity of Mauritius.

Mauritius exits the FATF’s Grey List

At its plenary meeting held on 21st of October 2021, the FATF concluded that Mauritius is no longer subject to increased monitoring by the FATF.

 

In its public statement, the FATF highlighted the following:

 

“The FATF welcomes Mauritius’ significant progress in improving its AML/CFT regime. Mauritius has strengthened the effectiveness of its AML/CFT regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in February 2020.”

Mutual Evaluation of Mauritius

The Mutual Evaluation is an in-depth assessment of a country’s measures to combat ML/TF/PF, conducted against the international standards set by the FATF.

 

Mauritius, as a member of the ESAAMLG, underwent its most recent Mutual Evaluation in 2018, with follow-up assessments in subsequent years. The 2018 ME report of Mauritius presents the key findings of the assessment team and the priority actions for Mauritius to improve its AML/CFT system.

 

The Enhanced Follow-up Report & Technical Compliance Re-Rating reports issued by the ESAAMLG which highlights the progress made by Mauritius in strengthening AML/CFT measures since the assessment conducted in 2018 assessment are as follows:

 

  • 1st Enhanced Follow-up Report & Technical Compliance Re-Rating (April 2019);
  • 2nd Enhanced Follow-up Report & Technical Compliance Re-Rating (September 2019);
  • 3rd Enhanced Follow-up Report & Technical Compliance Re-Rating (December 2020);
  • 4th Enhanced Follow-up Report & Technical Compliance Re-Rating September 2021; and
  • 5th Enhanced Follow-up Report & Technical Compliance Re-Rating September 2022.

 

Mauritius is now Compliant on 26 of the 40 Recommendations and Largely Compliant on the remaining 14 Recommendations. Mauritius has addressed or largely addressed all its deficiencies against the 40 Recommendations. As such, Mauritius will remain in enhanced follow-up and will continue to inform the ESAAMLG of the progress made on effectiveness in improving the implementation of its AML/CFT measures.

 

Mauritius is scheduled for its next Mutual Evaluation exercise under the ESAAMLG in 2028. This evaluation will assess the country's compliance with the FATF Recommendations and the effectiveness of its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.

 

The FSC is committed to take the necessary actions in strengthening it’s AML/CFT frameworks and will continue to provide updates and guidance to the financial services sector as the 2028 Mutual Evaluation approaches.