On 6 October, the British High Commission Mauritius and the Ministry of Financial Services and Good Governance co-hosted a Workshop on Virtual Assets such as cryptocurrencies. The workshop shared expertise on keeping dirty money out of the cryptocurrency sector and aimed to strengthen bilateral cooperation on countering illicit financial flows.
The workshop involved officials from the UK’s Revenue & Customs department, Treasury, and National Crime Agency, alongside officials from the Mauritian Ministry, law enforcement and regulators. Participants discussed some of the challenges associated with the growing international interest in cryptocurrencies, as part of both countries’ efforts to balance supporting innovation with protecting businesses and consumers. This important partnership continues the UK’s ongoing commitment to support Mauritius to become a regional leader in combatting illicit financial flows.
‘Experts from the UK and Mauritius shared their insights and experience in the latest regulatory and operational practices in the virtual asset sector. This builds on the existing partnership between the UK and Mauritius which has delivered expertise to, amongst other things, combat terrorist financing, deter sanctions evasion, and boost law enforcement cooperation. Together, we are working to build a regional and international financial system that supports our mutual prosperity and stands firm against the challenges of dirty money, corruption and terrorist finance,’ said the British High Commissioner to Mauritius, H.E. Charlotte Pierre.
She added: ‘Virtual Assets, given their anonymity and dynamic nature, are susceptible to criminal abuse, which means continuous engagement and cooperation are essential. It is in this perspective and in the spirit of partnership that both jurisdictions have co-organized this workshop on Virtual Assets for experience sharing and discussion of operational issues. This is in line with the Government’s objective to continuously improve the capacity of its officers for the implementation of the legislative framework to combat illicit financial flows, protect investors and preserve the financial stability without suffocating innovation. This virtual workshop is yet testimony of the strong and ongoing collaboration between UK and Mauritius, and it reaffirms the commitment of both jurisdictions in sustaining the fight against money laundering, terrorist financing and proliferation financing.
“I also express my sincere appreciation and gratitude to the UK Authorities and their officers for their valuable assistance in further strengthening the Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation Framework of Mauritius’, said the Minister of Financial Services and Good Governance, honourable Mahen Kumar Seeruttun.
Given the status of Mauritius and the United Kingdom as international financial centres, this type of collaboration is key for effectively fighting international illicit financial flows.
In the last two years, the UK Government has deployed significant expertise to support Mauritius counter illicit finance including through training, knowledge sharing and technical advice to the lead financial sector agencies.
We also provided support to help Mauritius deliver the Financial Action Task Force recommendations leading to its exit from the “grey list” in October 2021 and the UK de-listing a month later. In addition, we welcomed UK Treasury experts who provided technical support to law enforcement, the Police, the National Sanctions Secretariat, regulators, and the business community.
