Mauritius is on the way to be delisted from the European Union’s list of countries requiring scrutiny as a jurisdiction with risks of money laundering and financing of terrorism.
The European Commission College of Commission met on the 22nd of December and approved the delisting of Mauritius from what is described as the EU Black List. This decision will be submitted to the European Council and the European Parliament for approval. Mauritius will then be permanently removed from the AML/CFT black list.
Mauritian financial industry regulators and experts are rejoicing at the news. Stakeholders were confident that delisted from the EU Black List once the Financial Action Task Force (FATF) removed Mauritius from its “Grey List,” i.e., list of countries with strategic deficiencies in the fight against money laundering and financial terrorism.
The FATF removed Mauritius from its Grey List in October.
The Mauritian financial sector has experienced several challenges since the FATF. The Eastern and Southern Africa Anti-Money Laundering Group identified strategic deficiencies in the Mauritian defense and monitoring mechanism against money laundering and the financing of terrorism in 2018 and 2020 respectively.
