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Mrs. Mairead Mcguinness: European Commission Prioritized The Battle Against Money Laundering And Terrorism Financing

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At the Treasury Building in Port Louis yesterday, Mrs. Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, paid a courtesy visit to the Prime Minister Jugnauth, Minister of Defence, Home Affairs, and External Communications, and Minister for Rodrigues, Outer Islands, and Territorial Integrity, Mr. Pravind Kumar Jugnauth. Mrs. McGuinness is currently, in Mauritius for the Organization of African, Caribbean and Pacific States (OACPS) workshop on Tax Good Governance and Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), which the Republic of Mauritius will host from January 26 to January 30, 2023.

Were also present Mr. Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance, and Mr. Vincent Degert, Ambassador of the European Union (EU) to the Republics of Mauritius and Seychelles.

Yesterday, the Commissioner and Minister Seeruttun co-chaired a press conference at the InterContinental Resort Mauritius, in Balaclava. The aims were to give an overview of the impact of money laundering and financing of terrorism on EU and African, Caribbean and Pacific (ACP) countries; take stock of the progress achieved by ACP countries in dealing with AML and tax; and reiterate EU’s commitment to work closely.

Mrs. Mairead McGuinness and the PM

Following a decision by the OACPS Council of Ministers at its 114th session held in June 2022 and on the recommendation of the OACPS Ministerial Ad Hoc Contact Group, the workshop was jointly organized by the OACPS Secretariat and the Government of Mauritius.

The OACPS workshop on Tax Good Governance and AML/CFT was successfully organized by the Secretariat, and the Minister thanked the OACPS members for their active involvement. He said, “Mrs. McGuinness’ attendance is a powerful signal of the European Commission’s commitment to engage in talks for our mutual interest.

The presence of various Ministers and representatives from both the OACPS and the European Union, according to Minister Seeruttun, made the high level of interactions over the past few days particularly impressive (EU).

Commissioner Mc Guiness and Minister Seeruttun

Financial crime is a worldwide problem, according to Mr. Seeruttun, and we are firmly dedicated to cooperating with all of our partners to secure our financial services system on a national, regional, and international scale.

The Minister’s congratulations to the OACPS members and Secretariat for the success of the workshop on tax governance and AML/CFT were reaffirmed by Commissioner McGuinness. “I was quite impressed with the ACP countries’ teamwork and the advancements you made in dealing with AML and tax,” she said.

She emphasized that “AML impacts both EU and ACP countries and its real-life effects are the worst imaginable that can be envisaged, including prostitution, illicit weapon and armament sales, and illegal drug trade.”

Participants on workshop on Tax Good Governance

On this issue, Mrs. McGuinness stated that the European Commission prioritized the battle against money laundering and terrorism financing. “If we are to address the core causes, global collaboration and multilateralism in this field are important,” she emphasized. “Organised crime is more connected and more active than ever before.

Mrs. McGuinness emphasized the OACPS members’ shared objective of purging the financial system of bad money, which demanded top priority. She also said they look forward to continue their work with OACPS nations in this crucial sector.

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