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
img

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

Albania
The Bahamas
Barbados
Botswana
Cambodia
Ghana
Jamaica
Mauritius
Myanmar
Nicaragua
Pakistan
Panama
Syria
Uganda
Yemen
Zimbabwe

Jurisdictions no longer subject to increased monitoring

Iceland
Mongolia

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

Email

Get in touch

Whatever your question our global team will point you in the right direction

Start the conversation

A Master Class on AML/CFT for DNFBP

Appavoo Business School Ltd

Ms Kaminee Busawah and Mr C. Appavoo

image

In view of the development of the legislative framework to combat Money Laundering and Terrorist financing, fraudsters have channeled their proceeds of crime to Designated Non-Financial Business & Professions “DNFBP”.

HLB MAURITIUS has designed a Risk Based Approach training for DNFBP in order to guard against all Money Laundering and Terrorist Financing activities. Guidelines on preventive measures have been designed for each sector of activity including the reporting of Suspicious Transaction.

For more information on the training click on the button below:

Download Flyer

 REGISTER NOW

Deeya Seeburrun

Registrar & Administrative Officer

Email

Get in touch
x
x

Share to:

Copy link:

Copied to clipboard Copy