The FAFT Plenary Session 21-23 October and the Status of Mauritius

by Kaminee Busawah

October 26, 2020

The 3rd Financial Action Task Force Plenary Session which took place from the 21st to 23rd October 2020 discussed   the following agenda:

  1. Strategic Initiatives

  • ML/TF Risks and FATF Policy Responses to COVID-19 since May 2020
  • Strengthening the Global Network
  1. Country-specific processes

  • Impact of COVID-19 on FATF Mutual Evaluation and Follow-up Processes
  • Impact of COVID-19 on FATF Processes to Monitor Jurisdictions Under Increased Monitoring
  • Jurisdictions under Increased Monitoring
  • Jurisdictions No Longer under Increased Monitoring
  1. Other Strategic Initiatives

  • Strengthening Measures to Prevent the Financing of Proliferation of Weapons of Mass Destruction

Undoubtedly, the most awaited item for the Mauritian population and in particular operators in the Mauritian IFC was the outcome pertaining to the listing of Jurisdictions which was announced to be as follows:

Jurisdictions with strategic deficiencies and subject to increased monitoring

The Bahamas

Jurisdictions no longer subject to increased monitoring


The Status of Mauritius

The encouraging part, although Mauritius is still in the increased monitoring list,  is that the FATF has acknowledged and highlighted that Mauritius has been committed to work with the FATF and the ESAAMLG since February 2020 with a view to strengthening the effectiveness of its AML/CFT regime. The FAFT pointed out that Mauritius has taken remarkable steps towards improving its AML/CFT regime, including the development of a risk-based supervision plan for the global business and management companies. The FATF concluded that Mauritius should continue to work on implementing its action plan to address its strategic deficiencies, including by:

  • implementing the risk-based supervision plan effectively for The Financial Services Commission and focusing on different stages of outreach across Designated Non-Financial Businesses & Professions supervisors;
  • ensuring the access to accurate basic and beneficial ownership information by competent authorities in a timely manner;
  • demonstrating that law enforcement has capacity to conduct money laundering investigations, including parallel financial investigations and complex cases;
  • implementing a risk-based approach for supervision of its NPO sector to prevent abuse for TF purposes, and
  • demonstrating the adequate implementation of targeted financial sanctions through outreach and supervision

There is great expectation that Mauritius will be removed from the ‘Increased Monitoring List’ of the FATF in the first quarter of 2021.

Kaminee Busawah

Managing Director- Risk & Compliance


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