A workshop on Beneficial Ownership Disclosure Frameworks aiming to assess and enhance the role of Designated Non-Financial Business and Professions (DNFBP) supervisors to ensure adherence to Beneficial Ownership (BO) information requirements, opened, this morning at the Bank of Mauritius (BoM), Port Louis.
The Governor of the BoM, Mr Harvesh Seegoolam, key experts of the EU Global Facility and other stakeholders were present at the opening. Discussions focused on evolving FATF and EU standards on BO Disclosure Risk-based approach, supervision of BO requirements, new BO guidelines by the BOM and a checklist to standardise the collection of BO information.
In his address, Mr Seegoolam expressed gratitude to the EU Global Facility for their support and continued guidance which has enabled Mauritius to make a remarkable achievement by exiting the Financial Action Task Force (FATF) Grey List well ahead of the timeline.
“The delisting of Mauritius conveys a positive message to international investors and the business community that Mauritius remains a credible and trusted jurisdictions to do business”, he said.
The Governor underlined that sustainability of the AML/CFT practices is high on Government’s agenda adding that it is crucial to maintain same by keeping stakeholders’ up-to-date practices to address current and emerging risks on AML/CFT.
He recalled the setting up of an Interagency Coordination Committee in August 2020 for optimal implementation of the AML/CFT regime. The objective is to disseminate informational and educational programmes, to assist in policy formulation, and operational coordination to effectively combat money laundering and the financing of terrorism and proliferation.
Other key measures undertaken by the BoM in line with FATF’s International Co-operation Review Group are: setting up of BO registry at the Registrar of Companies; definition of BO legal framework which has been expanded to include thresholds, and onsite inspections including BO coverage.
