We are pleased to note that the Financial Action Task Force (FATF) has determined, at its June 2021 plenary session, that Mauritius has substantially completed its action plan with regards to its AML CFT framework.
Mauritius has been commended by the FATF on the progress achieved in addressing the highlighted strategic deficiencies and has implemented a series of reforms. The next step is a physical visit by the FATF so that Mauritius can be recommended to be removed from the list of jurisdictions under increased monitoring. During the visit, FATF will assess whether the actions taken by the Mauritian authorities are sustainable and that the jurisdiction will remain fully compliant with the recommendations of the FATF in the future.
We are extremely hopeful that Mauritius will pass this final test and will be able to exit the grey list in the next plenary session of the FATF in October 2021. Please see the press release from the Ministry of Financial Services and Good Governance which provides more details.
At Ocorian we place a very high importance on strict adherence to well defined risk management and compliance procedures and we ensure that all necessary processes and controls are in place in order to respect international AML CFT principles. Please get in touch with the Ocorian team if you have any questions.