MAURITIUS: AML/CFT MUTUAL EVALUATION REPORT

On 2nd October, the Central Bank of Mauritius published a news release concerned with the mutual evaluation report (MER) from the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), published on 21st September.  It says that the report identified areas for improvement in the Bank’s AML/CFT supervisory and regulatory framework, such as, a more documented AML/CFT risk-based framework, separation of the prudential and AML/CFT supervisory frameworks, improvements in legislation enforcement and administrative sanctions for breaches of AML/CFT compliance by licensees.  It is said that Mauritius had already started addressing some of the deficiencies identified in the MER, and the news release goes on to details some of the efforts made by the country to meet current FATF standards.  These include moves re beneficial ownership, banning of “shell banks” and the carrying out of a risk assessment, including money laundering and terrorism financing risk, prior to the launch or use of new products and new business practices.

https://www.bom.mu/media/media-releases/mutual-evaluation-report-mauritius-conducted-eastern-and-southern-africa-anti-money-laundering

The report is at –

https://esaamlg.org/reports/Second%20Round%20MER%20of%20Mauritius-July%202018.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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