Both the public and the private sector are now on high-alert. The Financial Action Task Force (FATF) ongoing 3 day long on-site visit may determine the future of the Mauritius’ Financial Centre.
In February 2020, FATF identified Mauritius as a “High-Risk Jurisdiction Subject to Call for Action” through an official statement. Mauritius was said to have significant strategic deficiencies in its anti-money laundering and combatting the financing of terrorism and proliferation measures.
FATF made 40 recommendations on which it called Mauritius to act upon. 39 of the 40 recommendations have been implemented by the Mauritian jurisdiction so far.
Following the FATF Plenary Session in June 2021, Mauritius was on track for removal from grey list of countries subject to increased monitoring.
The on-site visit should enable the FATF officials to confirm their preliminary findings and remove Mauritius from the grey list by the end of the year.
According to Mauritius Finance, removal from the FATF grey list will also mean removal from the European Union blacklist.
Today, FAFT officials met with key public sector stakeholders.
