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Mauritius removed from FATF grey list after implementing enhanced AML / CFT framework

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Mauritius removed from FATF grey list after implementing enhanced AML / CFT framework

We are delighted to announce that the Financial Action task Force (FATF) has confirmed Mauritius’ removal from its list of jurisdictions under increased monitoring due to strategic AML/CFT deficiencies. 

The outcome is great news for Mauritius and will contribute to the nation continuing to play a key role in facilitating foreign direct investment into the African continent. 

The announcement was made following its plenary session which was held between the 19 – 21 October 2021. 

The FATF recognised the enhanced actions and measures taken by the Mauritian authorities to remediate existing deficiencies, highlighting that they were sufficiently robust and had demonstrated a strong commitment of the jurisdiction to combat money laundering and terrorism financing. 

Following its plenary session in June 2021, the FATF announced that Mauritius had substantially completed its action plan. This was followed by an on-site visit in September 2021 by delegates of the FATF to determine whether Mauritius had effectively implemented sustainable AML/CFT reforms. The outcome demonstrates that it has a suitably robust AML/CFT framework, with 39 compliant and largely compliant indicators out of 40 recommendations from the FAFT. Mauritius remains partially compliant on only one recommendation which is linked to the handling of virtual assets, for which the authorities have already launched the required regulatory actions to address the matter.

Commenting on the announcement, Robert Hovenier, Managing Director and Country Head of our Mauritius office, said: “I commend the collaboration between the Mauritius Government, regulatory bodies and industry figures to implement the FATF action plan in a very rigorous and consistent manner.”

He continued: “The international community now has renewed confidence in Mauritius as an international financial centre, and it augurs well for Ocorian Mauritius which has been at the forefront of structuring investments into developing economies in the region whilst adhering to the highest standards of AML / CFT compliance.”

It is now expected that Mauritius will be taken off the EU’s ‘blacklist’ of countries with AML / CFT deficiencies in the coming weeks. This will provide the required comfort to institutional investors from the EU to continue to invest into Mauritius corporate and fund structures with a view to making positive socio-economic impacts in the region. 

Structure with confidence

Ocorian Mauritius, as one of the leaders in the field of corporate, capital markets, private client and fund services, will be at the forefront of promoting the Mauritius IFC which has now emerged stronger out of the FATF increased monitoring process. 

We remain available to provide any further information on the topic or on the conducive ecosystem that Mauritius has for the structuring of cross-border investment and trade in the region.

The formal communique from the Ministry of Financial Services and Good Governance is available at the following link. 

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