Circular Letter on Updated UNSCR Sanction List

Pursuant to Section 18(1)(c) of the Financial Intelligence and Anti-Money Laundering Act (FIAMLA), the FSC has a statutory duty to supervise and enforce compliance by its licensees in respect of the requirements imposed under the FIAML Act and Regulations, or guidelines which are made under the FIAMLA.

The FSC is also mandated to establish norms and standards to preserve and maintain the good repute of Mauritius in the financial services sector. Compliance with the UNSC Sanctions List reduces the risk of exposure to money laundering and terrorist financing. The effective customer due diligence practices also protect licensees against a range of other potentially damaging risks including reputational and legal risks, as well as, the risk of regulatory sanctions.