Republic of Mauritius- Cooperative Credit Unions sensitised on anti-money laundering

The workshop is organised by the Ministry of Industrial Development, SMEs and Cooperatives, with the collaboration of the National Cooperative College.  Internal controllers and representatives from Credit Unions are participating.  Resource persons are from the Financial Services Commission, the Independent Commission Against Corruption, and the Bank of Mauritius.

Present at the launching ceremony, the Minister of Industrial Development, SMEs and Cooperatives, Mr Soomilduth Bholah, highlighted that Cooperative Credit Unions (CCUs), which encourage savings and offer loans at relatively low rates, must ensure that they are aware of the exact sources of their funding. Directors, secretaries and internal controllers of these CCUs, he pointed out, must be empowered to abide to the law. He further dwelt on the importance of preserving the integrity of the Cooperative movement and of consolidating the local financial system’s reputation.

Moreover, the Minister underscored that in some cases, large money transactions are carried out by CCUs.  To that effect, the Ministry is leaving no stone unturned to ensure transparency and to prevent money laundering and the financing of terrorism, he stated.

The Cooperatives Act 2016, he further recalled, makes provisions for the setting-up of a Co-operative Audit Unit within the Ministry Industrial Development, SMEs and Cooperatives.  CCUs, he added, are also governed by the Financial Intelligence and Anti-Money Laundering Act 2002 and the Bank of Mauritius Act.

Minister Bholah also expressed satisfaction with regards to the findings of the National Money Laundering and Terrorist Financing Risk Assessment report of Mauritius.  This August 2019 public report has, in fact, rated the risks of money laundering and terrorist financing within the CCUs as ‘medium low’.  The identified priorities for the sector to mitigate the level of money laundering risk include outreach and training and the implementation of an effective AML/CFT risk-based supervisory framework.