Republic of Mauritius- Reinforcing Anti-Money Laundering and combating Financing of Terrorism framework

The Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Bill 2019 amends 18 existing enactments with a view to meeting international standards of the Financial Action Task Force (FATF) on anti-money laundering and combatting the financing of terrorism and activities related to the proliferation of weapons of mass destruction, as well as to provide for matters related thereto.

The Minister of Financial Services and Good Governance, Mr Dharmendar Sesungkur, gave these details, yesterday, at the National Assembly. He expressed confidence that the proposed legislative package will go a long way to ensure that the country’s financial sector remains robust and internationally competitive. The legislations, he said, are pre-emptive and will act as deterrent so that our jurisdiction does not find itself on the back foot amidst a virally active money laundering and terrorist financing landscape.  In so doing, Mauritius is fostering a conducive environment for the financial services sector to continue to prosper in a sustainable and ethical manner while reinforcing its position as an active player in the global financial market, he added.  

Speaking about the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Bill 2019, Minister Sesungkur emphasised that the Bill’s introduction shows that Mauritius, fully aware of its international obligations as a responsible global citizen, is taking bold measures to implement the targeted financial sanctions under the relevant United Nations Security Council resolutions and FATF standards. This Bill, he remarked, will enable Mauritius to address the technical compliance deficiencies under FATF Recommendations 6 and 7, concerning targeted financial sanctions related to terrorism financing, and financial sanctions related to proliferation, respectively.