Enhanced AML/CFT Framework Pays Off – Mauritius Off FATF’s Grey List
Implementing an enhanced AML/CFT framework brings terrific news for Mauritius as they are off FATF’s grey list.
The announcement made by Financial Action Task Force after the plenary meeting held between 19 – 21 October 2021 brought good news for Mauritius. The country, which was on the FATF’s grey list since 1st October 2020, has finally made it into the global watchdog’s white list.
The year-long efforts included the implementation of sustainable AML/CFT reforms, making Mauritius largely compliant with 39 out of 40 indicators. The only indicator yet to be fully complied with is the handling of virtual assets.
The FATF cumbersomely recognized the remarkable implementation of enhanced actions and preventive measures taken by Mauritian authorities to overcome the Anti-money laundering (AML) and Counter-Terrorist Financing (CFT) deficiencies. The move will allow Mauritius to contribute and facilitate direct foreign investment in Africa.
Additionally, FATF stated, “The Mauritian authority demonstrated a strong commitment to mitigate ML and TF and hence adopted robust and sustainable techniques.”
The overwhelmed Country Head and Managing Director of Mauritius announced the news. He said, “Mauritius has newfound confidence of the international community as an international finance center due to the implementation of FATF action plan on overcoming money laundering and terrorist financing in a very rigorous and consistent manner.”
Following the delisting by the FATF, it is suspected that Mauritius will also be taken off the EU’s black list of ML/TF deficiencies. The move will pave the way for EU investors to invest in Mauritius and create a positive economic impact.
But for now, the Mauritian government must aim to keep their country off the FATF’s grey list by further implementing digital AML verification services. The incorporation of digital AML/CFT services will allow the government to have safe and secure transactions for effective compliance.
Furthermore, Botswana is also out of FATF’s “grey list” while Pakistan remains in the global watchdog increased AML monitoring.