The three-day onsite workshop tackled the topic of “BO disclosure frameworks, supervisors and obliged entities: from multi-pronged approach to multi stakeholder engagement“.
Organised jointly by the EU AML/CFT Global Facility and the Bank Of Mauritius, the workshop constitutes the result of several joint activities conducted in the past month aimed of enhancing the understanding and effective implementation of Beneficial Ownership disclosure standards in Mauritius, by both the BoM and the obliged entities under its supervision.
This engaging public-private perspective resulted in dedicated “Beneficial Ownership Identification and Verification Guidelines” as well as a dedicated “Beneficial Ownership Supervision Handbook”. These Guidelines and Handbook will be extensively discussed with the BoM as well as other supervisors (e.g., FSC, FIU, AGO, MIPA) and their obliged entities under supervision during the course of the workshop.
Press Communiqué of the activity:
Financial Services: Workshop to reinforce capacity of financial institutions supervisors
Our team led by Arnaud Stien and Alexandre Taymans led discussions focused on the key features and challenges of international and EU BO standards, outreach tools that can be implemented as well as supervisory and sanctioning mechanisms available. New areas of cooperation were also discussed.
In his address, First Deputy Governor of the BoM Mr Kona Yerukunondu expressed gratitude to EU Global Facility for their “invaluable support to implement the International Co-operation Review Group (ICRG) action plan and the country’s exit from the FATF’s grey list”.
“Experts of EU Global Facility have been a key partner for Mauritius to improve techniques on AML/CFT and I am confident that the assistance provided by the EU will significantly enhance the skills of supervisors as they are highly instrumental in bringing industry practices at par with global standards.”
Mr Kona Yerukunondu also emphasised the importance of education as an effective tool to transform compliance cultures for organisations.
Mr Arnaud Stien underlined the opportunities arising for the country following its delisting from the FATF grey list.
“It is crucial to keep the momentum high as Mauritius embarks on a new journey as a global community. For the way forward, Mauritius needs to stay compliant and we will continue supporting the country in new areas of cooperation in the future.”
This project is funded by the European Union.