As predicted by the experts on good governance, once Mauritius is out of the Financial Action Task Force (FATF) list of countries under increased monitoring (Grey List), Mauritius should exit all lists of countries with deficiencies in anti-money laundering and anti-terrorism financing.
Yesterday, November 05, the Bank of Mauritius (BoM) announced that the United Kingdom has removed Mauritius from its list of high-risk countries under the UK Money Laundering and Terrorist Financing (Amendment) (No. 3) (high-risk countries) Regulations 2021. Both policy-makers and business operators rejoiced.
This is another significant step forward in the right direction, following the exit from the FATF grey list in October.
In a media release, the BoM stated the following:
“This development follows the exit, in October 2021, of Mauritius from the FATF list of jurisdictions under increased monitoring. It also underlines the country’s sustained efforts to fight against money laundering, terrorist financing, and proliferation financing. The decision of the British authorities further enhances confidence and trust in the financial services sector and Mauritius as an international financial centre”.
As the primary banking sector regulator, the BoM is a crucial stakeholder in the fight against money laundering and anti-terrorism financing.
Following the statement of the BoM, the Mauritius Banker’s Association reacted to the UK Parliament’s approval of Mauritius’ exit of the High-Risk Third Countries List.
In a communiqué, the organization stated that “the MBA and its members welcome this announcement, and remain committed to upholding the highest standards of compliance to international Anti-Money Laundering (AML) legislation and best practices.”
Here is the FSC communiqué :
