Mauritius is officially out of the EU high risk countries on AML/CFT !
As per Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, the Official Journal of the European Union announced the ‘delisting’ of Mauritius, alongside that of the Bahamas, Botswana, Ghana and Iraq.
The EU recognised the “written high-level political commitment to address the identified deficiencies of these high-risk third countries which have developed an action plan with Financial Action Task Force (FATF)”.
The EU Global Facility on AML/CFT is particularly enthusiastic about this achievement, having been a long standing partner of Mauritius in its delisting efforts since June 2019.
Over the course of 18 months, the EU GF-AML/CFT provided technical support to the country as part of the Technical Assistance Coordination Committee (TACC) composed of the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, the International Monetary Fund, UNODC, The World Bank, in addition to the support of the French and British embassies, as well as the AML-THB Project, among others.
Among other announcements:
????“The FATF welcomed significant progress made by Botswana, Ghana and Mauritius in improving their AML/CFT regime and noted that Botswana, Ghana and Mauritius have established the legal and regulatory framework to meet the commitments in their action plans regarding the strategic deficiencies that the FATF had identified. Botswana, Ghana and Mauritius are therefore no longer subject to the FATF’s monitoring process under its on-going global AML/CFT compliance process. Botswana, Ghana and Mauritius will continue to work with the FATF Style Regional Bodies to improve further their AML/CFT regime.”
????“The Commission’s analysis concluded that the Bahamas, Botswana, Ghana, Iraq and Mauritius do not have strategic deficiencies in their AML/CFT regime anymore considering the available information. The Bahamas, Botswana, Ghana, Iraq and Mauritius have strengthened the effectiveness of their AML/CFT regime and addressed related technical deficiencies to meet the commitments in their action plan regarding the strategic deficiencies that the FATF identified and the additional benchmarks or preliminary concerns set by the Commission.”
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