Good News! Mauritius Exits The Financial Action Task Force Grey List
Category All about Mauritius
After being added to the FATF grey list in February, the Mauritian government has established a well-thought-out action plan in order to work on the technical deficiencies highlighted by the inter-governmental body. With commitment and willingness, the island nation is now no longer part of the Financial Task Force Grey List and works towards regaining its credibility and trustworthiness as a solid jurisdiction.
The FATF strong monitoring
Following a thorough analysis, the Financial Action Task Force put Mauritius on its grey list, addressing some technical deficiencies in terms of anti-money laundering standards and terrorist financing (AML/CFT). After what, the island nation was included in the list of high-risk countries by the European Commission and the executive branch of the European Union. This event prejudiced Mauritius' trustworthiness and credibility as a jurisdiction. The aim of the FATF is to closely monitor the jurisdictions put on the grey list so as to make sure that they abide by the action plan and standards for foreign portfolio investors to register safely.
Mauritius progress towards the exit
After this announcement, the Mauritian government has been working hard in order to improve and strengthen its AML/CFT regime by tackling its technical deficiencies. With the considerable progress and commitment put into the process, the FATF saluted the island's efforts in respecting its action plan thoroughly. To maintain the momentum, Mauritius has exited the grey list and will no longer be subject to FATF monitoring. The island will be working with the ESAAMLG (Eastern and South Africa Anti-Money Laundering Group) in order to ensure the effectiveness of its AML/CFT system at all times. They will also receive the valuable support of the European Union through the EU AML/CFT Global Facility, UK, France, the German Agency for International Cooperation (GIZ), IMF, World Bank, UNODC among other international organisations for the continuity of this process.
The decision of the FATF Plenary confirms and acknowledges the effectiveness of the measures taken by the Mauritian government (public and private sectors) and their cooperation in the combat on money laundering and terrorism finance. With that in mind, Mauritius is well-prepared and ready to implement strong actions in order to monitor closely its financing system and protect its integrity and credibility in the global business sector as a trusted jurisdiction for foreign portfolio investors.
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Author: Rawson Property Group