Mauritius is a founder member of the Eastern and Southern African Anti Money Laundering Group (ESAAMLG) which was launched in 1999. The main purpose of the ESAAMLG is to combat money laundering and terrorist financing by implementing the Financial Action Task Force (FATF) Recommendations. In that respect, ESAAMLG members commit to participate in a peer review mechanism (mutual evaluation process) to assess their progress in implementing the FATF Recommendations. The ESAAMLG is also an Associate Member of the FATF since June 2010.
It has to be noted that Mauritius has been one among the early countries to have been assessed under the Financial Sector Assessment Programme (FSAP). The assessment of standards and codes found a high level of compliance with internationally accepted norms and best practices. The FSAP also emphasized that Mauritius has taken several major steps to align its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework with international standards. It provides a clear national strategy on AML/CFT, which gives strategic directions to all local AML/CFT stakeholders, shows commitment to regional and international AML/CFT standards and at the same time, ensures the competitiveness of its international financial services sector.
Faraz Rojid, the Head of Financial Services at the Economic Development Board of Mauritius, states that, “By signing the memorandum of understanding of the ESAAMLG in 1999, Mauritius endorsed the FATF Recommendations and committed itself to implement these recommendations.” He further adds, “Mauritius has, through the years, taken significant steps to enhance its framework for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) and implement the recommendations contained in its Mutual Evaluation Reports (MERs).”
Mauritius has enacted AML/CFT legislation, to deal with the prevention of corruption, fraud, financial crime, money laundering and terrorism activities. These include, namely, the Financial Intelligence and Anti Money Laundering Act (FIAMLA), the Prevention of Terrorism Act and the Prevention of Corruption Act. The Financial Intelligence Unit (FIU) has been set up with enactment of the FIAMLA in 2002. The FIU is the central Mauritian agency for the request, receipt, analysis and dissemination of financial information regarding suspected proceeds of crime and alleged money laundering offences as well as the financing of any activities or transactions related to terrorism to relevant authorities.
